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purpose. c. It can result from non-deductible expenses such as fines from a violation of law. d. Deferred tax asset represents the increase in tax refundable in future years. CH16 Kelley Co. has outstanding 500 $1,000 bonds, each convertible into 30 shares of $30 par value common stock. The bonds are converted on December 31, 2017, when the unamortized bond premium is $28.125 and the market price of the common stock is $36 per share. Kelley should record as a result of this conversion Select one: a. credit of $78,125 to Paid-in Capital in Excess of Par. b. credit of $421.875 to Paid-in Capital in Excess of Par. c. loss of $540,000. d. credit of $28.125 to Premium on Bonds Payable. Pension Worksheet Question (20 points) On January 1, 2017. Zarle Company provides the following information related to its pension plan for the year 2017. Prepare the pension worksheet for 2017 and journal entry to report the pension expense, pension asset/liability. 1071