Required:

Assuming the bonds are convertible into $404,000$ common shares, journalize the conversion on January $1,2024,$ when the market value per common share was $$10\mathrm{.}25.$

Journal entry worksheet

$1$

Record the conversion of bonds into shares.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2024,$Bonds payable,$4,141,000,],[,,,],[,,,],[,,,]]$