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Problem: Waterway Industries issued $6540000 of 10%, ten-year convertible bonds on July 1, 2017 at 96.1 plus accrued interest. The bonds were dated April 1, 2017 with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2018, $1160000 of these bonds were converted into 600 shares of $20 par value common stock. Accrued interest was paid in cash at the time of conversion.
Required:
Question: What should be the amount of the unamortized bond discount on April 1, 2018 relating to the bonds converted? (rounded to the nearest dollar)
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Make one original post that contains your response to one of the questions below.
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