Please only help with the ones that are wrong. With the 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 d. Assume instead that the bonds were repaid for $870,200 after interest was paid in Year 3. Provide the journal entry for retirement,assuming $66,690 of the payment related to the option and the rest related to the bond. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to thenearest whole dollar.)Answer is complete but not entirely correct.NoTransactionGeneral JournalDebitCredit11Bonds payable820,000Contributed capital: retirement of conversion option67,240 OLoss on bond retirement13,158 XCash870,200 ODiscount on bonds payable29,640 XContributed capital: common share conversion rights550 V

Journal:- These are prepared by the companies with debit and credit sides in order to match the…

d. Assume instead that the bonds were repaid for $870,200 after interest was paid in Year 3. Provide the journal entry for retirement, assuming $66,690 of the payment related to the option and the rest related to the bond. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 Bonds payable 820,000 Contributed capital: retirement of conversion option 67,240 Loss on bond retirement 13,158 X Cash 870,200 O Discount on bonds payable 29,640 X Contributed capital: common share conversion rights 550

d. Assume instead that the bonds were repaid for $870,200 after interest was paid in Year 3. Provide the journal entry for retirement, assuming $66,690 of the payment related to the option and the rest related to the bond. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 Bonds payable 820,000 Contributed capital: retirement of conversion option 67,240 Loss on bond retirement 13,158 X Cash 870,200 O Discount on bonds payable 29,640 X Contributed capital: common share conversion rights 550

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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