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Determine how much would be credited to bonds payable

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Problem 1: Lily Corp. issued 5,000, 5-year bonds, face amount of P1,000 each at 110. The bonds contain a conversion privilege that provides for an exchange of a P1,000 bond for 10 equity shares with par value of P100. It is reliably determined that the bonds would sell only at 95 without the conversion privilege. How much would be credited to bonds payable?

Reference no: EM132676384

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