Please only help with B Only the one that are wrong with red X AMC Limited issued five-year, 5% bonds for their par value of $820,000 on 1 January 20X1. Interest is paid annually. The bonds areconvertible to common shares at a rate of 50 common shares for every $1,000 bond.(PV of $1. PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.)Required:1. Assume that the bonds were convertible at the investor's option and that the conversion option was valued at $67,240.a. Provide the journal entry on issuance. (If no entry is required for a transaction/event, select "No journal entry required" in the firstaccount field.)Answer is complete and correct.NoTransactionGeneral JournalDebitCredit11Cash820,000 ODiscount on bonds payable67,240 OBonds payable820,000Contributedcommon share conversion67,240 b. Calculate interest expense for each year of the bond's five-year life. Use an interest rate of 7% for this requirement. (Round yourintermediate calculations and final answers to the nearest whole dollar.)X Answer is not complete.BeginningbalanceInterestEndingBalanceAssignmentPayment@7%1$ 752,760 O $ 52,693 O $ (41,000) X $ 764,4532$ 764,453$ 53,512 O $ (41,000) X S 776,9653$ 776,965$ 54,388 O $ (41,000) X S 790,352 X42$790,352 X $ 55,325 O $ (41,000) X $ 804,677$804,67756,322 X(861,000)

AMC Limited issued five-year, 5% bonds for their par value of $820,000 on 1 January 20X1. Interest is paid annually. The bonds are convertible to common shares at a rate of 50 common shares for every $1,000 bond. (PV of $1. PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Assume that the bonds were convertible at the investor's option and that the conversion option was valued at $67,240. a. Provide the journal entry on issuance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

AMC Limited issued five-year, 5% bonds for their par value of $820,000 on 1 January 20X1. Interest is paid annually. The bonds are convertible to common shares at a rate of 50 common shares for every $1,000 bond. (PV of $1. PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Assume that the bonds were convertible at the investor's option and that the conversion option was valued at $67,240. a. Provide the journal entry on issuance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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why did you not answer b?