Reference no: EM133099318
Question - On April 1, 2020, ACT 206 Company issued 2,000 of P 1,000 convertible bonds with a stated rate of 12% for 103. The principal of the bonds is payable on March 31, 2025. Interest on the bonds is payable annually starting March 31, 2020. Each P 1,000 bond is convertible into 50 ordinary shares of P 100 par. Without the bond conversion privilege, the bonds would have sold to yield 15%.
On March 31, 2022 after paying periodic interests, 1,500 of P 1,000 bonds issued were converted to ordinary shares. On February 1, 2023, 250 from the remaining P 1,000 bonds issued were retired at 102. Without the bond conversion privilege, the bonds would have sold to yield 14%.
ACT 206 Company uses a calendar year as its reporting period.
How much is the balance of bond conversion privilege as of December 31, 2022?
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