a) (b) The parts of this question must be completed in order. This part will be...
a) (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) On January 1, 2019, Sheridan issued 10-year, $200,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Sheridan $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2020. (Ignore all tax effects.) Prepare the journal entry Sheridan would have made on January 1, 2019, to record the issuance of the bonds.
Homework Answers
Answer:
Entry made on January 1, 2019 for issuance of bond
| DATE | ACCOUNT | DEBIT | CREDIT |
| Jan 1, 2019 | Bank Account | $200,000 | |
| 6% Convertible Bonds Payable | $200,000 |
Journal Entry for Bonds issued at par.
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