Computalog Inc. showed the following on its December 31, 2023, balance sheet Bonds payable, convertible Less: Unamortized discount $4,170,000 15,012 $4,154,988 Required: 1. Assuming the bonds are convertible Into 417,000 common shares, journalize the conversion on January 1, 2024, when the market value per common share was $10.25. View transaction at Journal entry worksheet Record the conversion of bonds into shares. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal 2. How will the conversion of bonds into common shares affect the elements of the balance sheet (assets. liabilities, equity)? Next
Computalog Inc. showed the following on its December 31, 2023, balance sheet Bonds payable, convertible Less: Unamortized discount $4,170,000 15,012 $4,154,988 Required: 1. Assuming the bonds are convertible Into 417,000 common shares, journalize the conversion on January 1, 2024, when the market value per common share was $10.25. View transaction at Journal entry worksheet Record the conversion of bonds into shares. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal 2. How will the conversion of bonds into common shares affect the elements of the balance sheet (assets. liabilities, equity)? Next
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:Computalog Inc. showed the following on its December 31, 2023, balance sheet
Bonds payable, convertible
Less: Unamortized discount
$4,170,000
15,012 $4,154,988
Required:
1. Assuming the bonds are convertible Into 417,000 common shares, journalize the conversion on January 1, 2024, when the market
value per common share was $10.25.
View transaction at
Journal entry worksheet
Record the conversion of bonds into shares.
Note: Enter debits before credits.
Date
January 01, 2024
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
2. How will the conversion of bonds into common shares affect the elements of the balance sheet (assets. liabilities, equity)?
Next
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