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Question - The Sports Corporation previously issued convertible bonds with a maturity value of $5,000,000; the book value of the bonds as of October 1, 20X1 was $5,250,000. Each $1,000 bond is convertible into 100 shares of $5 par value common stock. On October 1, 20X1, bonds with a maturity value of $2,000,000 were converted into common stock; the common stock's market value on the conversion date was $12.75 per share.
Required - Using the above facts only:
1. Prepare the journal entry to record the bond conversion using the book value method.
2. Prepare the journal entry to record the bond conversion using the market value method.
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