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Prepare the journal entry for nolan to record the conversion

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Question - Nolan Corporation has outstanding convertible bonds with a face value of $15,000 and a current book value of $17,500. Each $1,000 bond is convertible into 25 shares of common stock (par value $5 per share). All the bonds are converted into common stock on June 1 when the market value of Nolan's common stock is $50 per share.

Required - Using the book value method, prepare the journal entry for Nolan to record the conversion.

Reference no: EM132562603

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