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Point 1: Why Couldn't This Be Easy, Inc. has two issues of securities outstanding: common stock and $5,900,000 face value, 5-year, 3%, convertible bonds. The bonds were issued January 1st, 2020, for $5,635,014 when the market rate was 4%. Bond interest payment dates are June 30th and December 31st. Each bond is convertible into 40 shares of $20 par value common stock. On July 1, 2020, the holders of $1, 180,000 face value bonds exercised the conversion privilege. On that date, the bonds were selling at 108 and the market price of the stock was $31. The company uses the effective interest method for the amortization of bond discounts and/or premiums and the book value method to account for the conversion.
Required:
Question 1: Determine the amount to be credited to Paid-in-Capital for Common Stock" on July 1st, 2020. If an amortization table is needed (hint - through June 30, 2020 - hint), please prepare that on the back of this paper. Round all work to the nearest dollar.
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