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On January 1, 2014, Alia Corporation issued $2,000,000 of 10 years, 5% convertible debenture at 105. Interest is to be paid semi annually on June 30 and December 31. Each $1000 debenture can be converted into four shares of Alia Corporation $100 par value common stock after December 31, 2015. On January 1, 2016, $50000 of debentures were converted into common stock, which was then selling at $107, An additional $100000 of debentures were converted on March 31, 2016. The market price of the common stock was then $109. Accrued interest at March 31 would be paid on the same date.
Requirements:
Question 1: Make the necessary journal entries for:
(a) January 1, 2014
(b) June 30, 2015
(c) January 1, 2016
(d) March 31, 2016
(e) June 30, 2016
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