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Prepare journal entry to record the conversion of the bonds

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Reference no: EM132467705

XYZ Co. has 6,000 shares issued and outstanding. The per share par value is $1; book value $50 and market value is $60. 50% stock dividend is declared.

Instruction: prepare the journal entries.

  • Lulu Company issued $1,000,000 of bonds on January 1, 2018.

Instructions:

Question 1: Prepare the journal entry to record the conversion of the bonds into 50,000 shares of $20 par value common stock. Assume the bonds were issued at par.

Reference no: EM132467705

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