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Prepare the journal entries to record the event on july

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Suppose Kepler Corp. called its convertible debt in 2020. The company records the conversion using the book value method. Assume the following related to the transaction.

Conversion of 10%, $1,500,000 par value bonds on July 1, 2020 into 30,000 shares of $20 par value common stock

Balance of unamortized discount on July 1 applicable to the bonds $ 27,500

Additional payment to induce conversion of bonds $ 30,000

Problem 1: Prepare the journal entries to record the event on July 1, 2020. (Round to the nearest dollar.) Please show your calculations.

Reference no: EM132788466

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