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Point 1: On January 2, 2019, Lindsay Corporation issued $800,000 of 8% convertible bonds at par. The bonds mature in 10 years and pay interest semiannually on June 30 and December 31. Each $1,000 bond could be converted into 26 shares of the company's $2.50 par value common stock. Alternatively, Lindsay has the right to settle the bonds in cash instead of issuing common stock. Similar bonds without the conversion feature would carry a 10% stated interest rate.
Required:
Question 1: Prepare the journal entry to record the issuance of the bonds.
have the following:
dr-Cash
cr-Premium on Bonds Payable
dr-Bonds Payable=800,000
dr-Additional Paid-In Capital
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