Flounder Corporation has outstanding 1,800 $1,000 bonds, each convertible into 40 shares of $10 par value...
Flounder Corporation has outstanding 1,800 $1,000 bonds, each
convertible into 40 shares of $10 par value common stock. The bonds
are converted on December 31, 2017, when the unamortized discount
is $30,000 and the market price of the stock is $21 per
share.
Record the conversion using the book value approach.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|
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Homework Answers
| Accounts | debit | credit |
| Bonds payable | 1800000 | |
| 1800*1000 | ||
| Discount on bonds payable | 30000 | |
| common stock | 720000 | |
| 40*10*1800 | ||
| Paid in capital in excess of par-common stock | 1050000 |
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