Reference no: EM13152095
Described below are two independent transactions:
1). On March 1, 2007, Webster Corporation called its convertible bonds for conversion. The $2,000,000 par value, 10%, bonds were converted into 20,000 shares of $10 par common stock. On March 1, there was $60,000 of unamortized discount applicable to the bonds. The fair market value of the common stock was $18 per share. Ignore all interest payments.
2). On January 1, 2006, Indian River Corporation issued $800,000 of 7.5%, 6-year bonds at 97. The bonds mature at December 31, 2011, and the interest on the bonds is paid semiannually on June 30 and December 31. On January 1, 2008, Indian River retires $200,000 of bonds before their scheduled maturity at 102. The company amortized the bonds discount and premium on a straight-line basis.
Instruction:
Prepare the journal entries for each transaction above regarding the conversion of the bonds (using book value method), and the retirement of the bonds.
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