Reference no: EM132763136
On July 1, 2020, Pronghorn Ltd., which follows ASPE, issued 1,000 convertible, five-year, $1,000 bonds. Each bond is convertible into 20 common shares at the bondholder's option. On the date of issuance, the bond's conversion rights were valued at $51,000.
On July 1, 2023, the bonds had a carrying value on Pronghorn's books of $972,000, and the fair market value of the bonds without the convertible option was $980,000. Assume all the bondholders voluntarily decided to convert their bonds to common shares on July 1, 2023.
Problem a. Prepare the journal entry to record the conversion.
Problem b. Assume instead that Pronghorn paid the bondholders an incentive of $17,000 to convert their bonds to common shares, and that all the bondholders agreed to convert their bonds to common shares on July 1, 2023. Prepare the journal entry to record the conversion.
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