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Trilium Gold Inc.'s December 31, 2023, adjusted trial balance shows the following: Account Description Balance* Bonds payable, convertible $ 1,080,000 Premium on bonds payable 14, 40 Assume normal balances. Required: 1. What is the carrying value of the bonds on December 31, 2023? (Round the final answer to the nearest whole dollar.) 2. The bonds were converted 108,000 common shares on January 1, 2024. Journalize the entry assuming the market value per common share on this date was $9.10. (Round the final answers to the nearest whole dol

Trilium Gold Inc.'s December 31, 2023, adjusted trial balance shows the following: Account Description Balance* Bonds payable, convertible $ 1,080,000 Premium on bonds payable 14, 40 Assume normal balances. Required: 1. What is the carrying value of the bonds on December 31, 2023? (Round the final answer to the nearest whole dollar.) 2. The bonds were converted 108,000 common shares on January 1, 2024. Journalize the entry assuming the market value per common share on this date was $9.10. (Round the final answers to the nearest whole dol

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Trilium Gold Inc.'s December 31, 2023, adjusted trial balance shows the following: Account Description Balance* Bonds payable, convertible $ 1,080, 000 Premium on bonds payable 14, 400 * Assume normal balances. Required: 1. What is the carrying value of the bonds on December 31, 2023? (Round the final answer to the nearest whole dollar.) 2. The bonds were converted into 108,000 common shares on January 1, 2024. Journalize the entry assuming the market value per common share on this date was $9.10. (Round the final answers to the nearest whole dollar.)
Transcribed Image Text:Trilium Gold Inc.'s December 31, 2023, adjusted trial balance shows the following: Account Description Balance* Bonds payable, convertible $ 1,080, 000 Premium on bonds payable 14, 400 * Assume normal balances. Required: 1. What is the carrying value of the bonds on December 31, 2023? (Round the final answer to the nearest whole dollar.) 2. The bonds were converted into 108,000 common shares on January 1, 2024. Journalize the entry assuming the market value per common share on this date was $9.10. (Round the final answers to the nearest whole dollar.)
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