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Question 15 (2 points) Gandalf Industries had outstanding $50 million of 4% convertible bonds that mature on June 30, 2026. Interest is payable each year

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Question 15 (2 points) Gandalf Industries had outstanding $50 million of 4% convertible bonds that mature on June 30, 2026. Interest is payable each year on June 30 and December 31. The bonds are convertible into 2 million shares of $10 par common stock. At June 30, 2022, the unamortized balance in the discount on bonds payable account was $4 million. On June 30, 2022, half the bonds were converted when Gandalf's common stock had a market price of $35 per share. When recording the conversion, Gandalf should credit paid-in capital-excess of par in the amount of None of these answers are correct. $2 million O $25 million $13 million $15 million

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