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Question - On January 1, 2014, ABC Incorporated issued $1000000 face amount of 8%, 10 year, subordinated convertible debentures at fair value in private placement. The debentures pay interest annually, in cash, on December 31. The bonds are convertible into 50 common shares for each $1000 of the bonds face value.
Part A: Prepare the journal entry to record the issuance of bonds on January 1, 2014. Assume that the principle will not be repaid. Instead, share will be issued to the holders of the debentures in addition to the cash interest paid. In other words, conversion is deemed mandatory.
Part B: Prepare Journal entry to record the interest payment on the first interest date of 31 December 2014. Also, record the related equity transfer.
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