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elijahblaize24
17.06.2020 •
Business
Flounder Corporation has outstanding 1,700 $1,000 bonds, each convertible into 70 shares of $10 par value common stock. The bonds are converted on December 31, 2020, when the unamortized discount is $26,900 and the market price of the stock is $21 per share.
Required:
Record the conversion using the book value approach.
Solved
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Ответ:
Dr Bonds Payable 1,700,000
Cr Discount on Bonds Payable 26,900
Cr Common Stock 1,190,000
Cr PIC in excess of Par 483,100
Explanation:
Flounder Corporation Record of conversion using the book value approach
Dr Bonds Payable 1,700,000
(1,700 bonds x $1000)
Cr Discount on Bonds Payable 26,900
Cr Common Stock 1,190,000
(70 shares x $10 x 1,700 bonds)
Cr PIC in excess of Par 483,100
Calculation of PIC in excess of Par
Bonds Payable 1,700,000
Less:
Discount on Bonds Payable (26,900)
Common Stock (1,190,000)
=483,100
Ответ:
Explanation:
the dumbest way of course- U. U