Homework Answers
Required 1 & 2
| No. | Date | Transaction | Debit | Credit |
| 1. | January 01, 2018 | Cash | $41900000 | |
| Convertible bonds payable | $41000000 | |||
| Premium on bonds payable (41900000-41000000) | $900000 | |||
| (To record issuance of bonds) | ||||
| 2. | June 30, 2018 | Interest expense ($1230000-45000) | $1185000 | |
| Premium on bonds payable (900000/20) | $45000 | |||
| Cash (41000000*6%*6/12) | $1230000 | |||
| (To record interest payment) | ||||
Required 3
| No. | Date | Transaction | Debit | Credit |
| 1. | June 30, 2020 | Interest expense ($1230000-45000) | $1185000 | |
| Premium on bonds payable (900000/20) | $45000 | |||
| Cash (41000000*6%*6/12) | $1230000 | |||
| (To record interest payment) | ||||
| 2. | June 30, 2020 | Convertible bonds payable | $41000000 | |
| Premium on bonds payable (900000-45000*5) | $675000 | |||
| Common stock (41000000+675000) | $41675000 | |||
| (To record conversion of bonds) |
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