Question
Sixty $1,000 convertible bonds with a carrying value of $69,000 are converted into 9,000 share of $5 par value common stock. The common stock had
Sixty $1,000 convertible bonds with a carrying value of $69,000 are converted into 9,000 share of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion.
Prepare the journal entry to record the conversion of the bond to common stock.
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Principles Of Financial Accounting
Authors: Jerry J. Weygandt, Michael J. Atkins, Donald E. Kieso, Paul D. Kimmel, Valerie Ann Kinnear, Barbara Trenholm, Joan E. Barlow
1st Canadian Edition
