On january 1 2006 gless textiles issued 12 million of 9

Reference no: EM13602532

On January 1, 2006, Gless Textiles issued $12 Million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's $1 par common stock.

1. Prepare the journal entries for the issuance of the bonds by Gless on January 1, 2006.
2. Prepare the journal entries for the June 30, 2010, interest payment by Gless assuming that Gless uses straight-line amortization.
3. On July 1, 2011, when Gless's common stock had a market price of $33 per share all of the bonds were converted into common shares.

Reference no: EM13602532

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