Reference no: EM131839998
Question - Sheridan Inc. issued $3,730,000 of 9%, 10-year convertible bonds on June 1, 2017, at 99 plus accrued interest. The bonds were dated April 1, 2017, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis.
On April 1, 2018, $1,398,750 of these bonds were converted into 30,000 shares of $20 par value common stock. Accrued interest was paid in cash at the time of conversion.
Prepare the entry to record the conversion on April 1, 2018. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.
Bonds Payable 1398750
Discounts On Bonds Payable Please Provide how to find this
Common Stock 600000
Paid in Excess of Par I can find this once I know how to find the discount
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