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Prepare the journal entry on ryder books for the march

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Question - On March 1, 2019, holders of Ryder Corporation 10% convertible bonds converted the bonds into common stock of Ryder. The $9,000,000 par bonds were converted into 320,000 shares of $20 par common stock. On March 1, there was $900,000 of unamortized premium applicable to the bonds. The fair value of the common stock was $27.50 per share. There was no interest due on the bonds.

Required: Prepare the journal entry on Ryder's books for the March 1, 2019 bond conversion.

Reference no: EM132251485

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