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Question - On January 1, 2020, Company X issued $155 million of 8%, 10-year convertible bonds at 98. The bonds pay interest on semi-annually June 30 and December 31. Each $1,000 bond is convertible into 25 shares of Liveson's $1 par common stock. Avi Services purchased 25% of the issue as an investment.
Required -
1. Prepare the journal entry for the issuance of the bonds by Company X.
2. Prepare the journal entry for the June 30, 2025, interest payment by Company X assuming they use the straight-line method.
3. On July 1, 2027, when Company X's common stock had a market price of $33 per share, Avi converted the bonds it held. Prepare the journal entry by Company X for the conversion of the bonds (book value method).
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