Monty Corporation issued 3,600, five year, 4% bonds at 104 on January 1, 2023. Interest is paid annually. Each $1,000 bond carried One detachable warrant allowing the holder to purchase 100 common shares in Monty at $11 per share, the price at which Monty shares were trading on the day of the sale of the bonds. Similar straight bonds trading on the open market paid 5%. On June 30, 2023, 20 of the bond holders exercised the options to buy the shares. Prepare the journal entries to record these events. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in

Monty Corporation issued 3,600, five year, 4% bonds at 104 on January 1, 2023. Interest is paid annually. Each $1,000 bond carried One detachable warrant allowing the holder to purchase 100 common shares in Monty at $11 per share, the price at which Monty shares were trading on the day of the sale of the bonds. Similar straight bonds trading on the open market paid 5%. On June 30, 2023, 20 of the bond holders exercised the options to buy the shares. Prepare the journal entries to record these events. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in

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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