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Question - On January 1 2020 lakes Ltd a private company which follows ASPE standards issued 8 years $400,000 face value with 6% bonds at par (interest payable Jan 1). Each $1000 bond is convertible into 30 lakes common shares. None of the bond have been converted as of end in 2021. The present value of bond without a conversion option is $373,159 at the time or issuance and the difference is allocated to the conversion feature. On January 1 2022 100% of the holders of lakes convertible bonds converted their bonds to shares: when lakes shares trading price was $58 per share. The bonds fair value at the time of conversion was $379,969. Lakes offers an additional premium of $300 to bondholders to convert the bond.
a. Prepare the journal entry lakes would have made on Jan 1 2020 to record issuance of bonds.
b. Prepare journal entry to record conversion with calculations.
c. How many shares were issued at the conversion with calculations.
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