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Question 15 (2 points) Gandalf Industries had outstanding $80 million of 8% convertible bonds that mature on June 30, 2028. Interest is payable each year

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Question 15 (2 points) Gandalf Industries had outstanding $80 million of 8% convertible bonds that mature on June 30, 2028. Interest is payable each year on June 30 and December 31. The bonds are convertible into 6 million shares of $10 par common stock. At June 30, 2022, the unamortized balance in the discouht 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 $30 per share. When recording the conversion, Ganda should credit paid-in capital-excess of par in the amount of $90 million $8 million $6 million $ None of these answers are correct

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