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Prepare the adjusting journal entries required

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Question - On January 2, 20x5, a Trump Inc. issues convertible bonds maturing on December 31, 20x14. On the maturity date, these bonds are mandatorily convertible into common shares. The bonds have a face value of $1,000,000 and pay a coupon of 4% on June 30 and Dec 31. The bonds were issued to yield 4.6%. The cash proceeds of $991,500 received on the bond issue were credited to the Convertible Bonds Payable Account and the cash coupons paid were debited to Interest expense.

Required - Prepare the adjusting journal entries required at December 31, 20x5.

Reference no: EM132549038

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