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On January 1, 2012, when its $30 par-value common stock was selling for $80 per share, Gierach Corporation issued $10 million of 4% convertible debentures due in 10 years. The conversion option allowed the holder of each $1,000 bond to convert the bond into five shares of the company's $30 par-value common stock. Cash settlement upon conversion is not permitted. The debentures were issued for $10 million. Without the conversion feature, the bonds would have been issued for $8.5 million.
Required:
Problem 1: Following U.S. GAAP, prepare journal entry to record the original issuance of the convertible debentures.
Problem 2: How much interest expense would the company recognize on the convertible debentures in 2015?
Problem 3: Prepare journal entry to record the exercise of the conversion option using the book value method.
Problem 4: Prepare the entry to record the exercise of the conversion option using the market-value method.
Financial Statement Analysis and Preparation
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