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Question - On January 1, 2020 issued a bond and retired its note payable. Bond information:
Face value $100,000
Coupon rate 6.0%
Term 5 years
Net proceeds $106,000
Interest will be paid semi-annually on June 30 and December 31. At the investor's option, each $1,000 bond is convertible into 50 common shares of the company. Your investigation into similar bond issues showed that had the company issued the debt without the conversion option, the market rate of interest on the bond would have been 8.0%. In accounting for the issuance of the debt, the prior controller debited cash for the full proceeds, credited Bond payable on the balance sheet for the face value, and credited the difference to the income statement (Gain on bond issue). The June 30 and December 31 interest payments were coded to Interest Expense.
Required - Prepare the necessary journal entries at Jan 1, 2020 and Dec 31, 2020 (and provide the correct entries for the errors the prior controller made).
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