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tino4ka555 [31]
2 years ago
12

Suppose Sepracor, Inc. called its convertible debt in 2020. Assume the following related to the transaction. The 10%, $10,000,00

0 par value bonds were converted into 1,000,000 shares of $1 par value common stock on July 1, 2020. On July 1, there was $51,000 of unamortized discount applicable to the bonds, and the company paid an additional $68,000 to the bondholders to induce conversion of all the bonds. The company records the conversion using the book value method.
Business
1 answer:
tatuchka [14]2 years ago
8 0

Answer:

Explanation:

To record the conversion:

Dr Debt conversion expense 68,000

Dr Bonds payable 10,000,000

Cr Discount on bonds 51,000

Cr Common stock 1,000,000

Cr Paid in capital in excess of common stock 8,949,000

Cr Cash 68,000

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