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Ex. 7. -Convertible debt at the time of conversion - Homework problem On October 1, 2023, $3,000,000 bonds were converted into 30,000 shares of $10 par common stock. At the time of conversion, the unamortized premium is $8,000. Prepare the journal entry to record the conversion of the bonds. EQUITY SECURITIES

Ex. 7. -Convertible debt at the time of conversion - Homework problem On October 1, 2023, $3,000,000 bonds were converted into 30,000 shares of $10 par common stock. At the time of conversion, the unamortized premium is $8,000. Prepare the journal entry to record the conversion of the bonds. EQUITY SECURITIES

FINANCIAL ACCOUNTING
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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Ex. 7. -Convertible debt at the time of conversion - Homework problem On October 1, 2023, $3,000,000 bonds were converted into 30,000 shares of $10 par common stock. At the time of conversion, the unamortized premium is $8,000. Prepare the journal entry to record the conversion of the bonds. EQUITY SECURITIES 1
Transcribed Image Text:Ex. 7. -Convertible debt at the time of conversion - Homework problem On October 1, 2023, $3,000,000 bonds were converted into 30,000 shares of $10 par common stock. At the time of conversion, the unamortized premium is $8,000. Prepare the journal entry to record the conversion of the bonds. EQUITY SECURITIES 1
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