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Suppose ABC Corporation has $3,750,000 of bonds outstanding with an unamortized premium of $80,000. The bonds are convertible. Assume bondholders converted half of the bonds

Suppose ABC Corporation has $3,750,000 of bonds outstanding with an unamortized premium of $80,000. The bonds are convertible. Assume bondholders converted half of the bonds into 700,000 common shares on September 1, 2020. Record the conversion of these bonds into common shares.

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