29 $1000 bonds with a carrying value of $38600 are converted into 4000 shares of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. The entry to record the conversion is Bonds Payable 29000 Premium on Bonds Payable 9600 Common Stock 29000 Paid-in Capital in Excess of 9600 Par Bonds Payable 38600 Common Stock 36000 Paid-in Capital in Excess of 2600 Par Bonds Payable 29000 Premium on Bonds Payable 9600 Common Stock 20000 Paid-in Capital in Excess of 18600 Par Bonds Payable 38600 Common Stock 20000 Paid-in Capital in Excess of 18600 Par

29 $1000 bonds with a carrying value of $38600 are converted into 4000 shares of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. The entry to record the conversion is Bonds Payable 29000 Premium on Bonds Payable 9600 Common Stock 29000 Paid-in Capital in Excess of 9600 Par Bonds Payable 38600 Common Stock 36000 Paid-in Capital in Excess of 2600 Par Bonds Payable 29000 Premium on Bonds Payable 9600 Common Stock 20000 Paid-in Capital in Excess of 18600 Par Bonds Payable 38600 Common Stock 20000 Paid-in Capital in Excess of 18600 Par

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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