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Stewart Company has outstanding 3,000, $1,000 bonds. Each bond is convertible into 50 shares of $12 par value common stock. The bonds are converted on
Stewart Company has outstanding 3,000, $1,000 bonds. Each bond is convertible into 50 shares of $12 par value common stock. The bonds are converted on December 31, 2019. The unamortized discount is $40,000 and the market price of the stock is $35 per share. Record the conversion of the bonds for Stewart Company.
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