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Journal entries for convertible debt?
On July 1, 2018, an interest payment date, $148000 of Coronado Industries bonds were converted into 2980 shares of Coronado Industries common stock each having a par value of $45 and a market value of $56. There is $5000 unamortized discount on the bonds. Using the book value method, Coronado would record
I know the answer is a $8900 increase in paid-in capital in excess of par, but can anyone show the journal entries?
2 Answers
- Don GLv 72 years ago
DR Bonds Payable 148,000
CR Bond Discount 5,000 CR Common Stock, at Par 134,100 CR PIC 8,900
- Anonymous2 years ago
No, thanks. SMH