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Crane Corporation has outstanding 1,500 $1,000 bonds, each convertible into 50 shares of $10 par value...

Crane Corporation has outstanding 1,500 $1,000 bonds, each convertible into 50 shares of $10 par value ordinary shares. The bonds are converted on December 31, 2020. The bonds payable has a carrying value of $1,460,000 and conversion equity of $15,000. Record the conversion using the book value method.

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Record the conversion using the book value method as follows: A . Credit Transaction Account Titles and Explanation Debit Bon

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