2. On June 30, 1984, the original issue date, T. Taylor purchases $300,000 of 20-year, 7% convertible bonds of Jones corporation at 104. Jones bonds are convertible to 50 shares of $ 10npar common stock for each $1000 bond. The bond interest is paid semi-annually, June 30 and December 31. On March 31,1989, Taylor converts $200,000 of the bonds. Both Taylor and Jones Corp. use calendar year as their fiscal year. a. Give entries to record the conversion in the absence of a market value for the stock.

2. On June 30, 1984, the original issue date, T. Taylor purchases $300,000 of 20-year, 7% convertible bonds of Jones corporation at 104. Jones bonds are convertible to 50 shares of $ 10npar common stock for each $1000 bond. The bond interest is paid semi-annually, June 30 and December 31. On March 31,1989, Taylor converts $200,000 of the bonds. Both Taylor and Jones Corp. use calendar year as their fiscal year. a. Give entries to record the conversion in the absence of a market value for the stock.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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