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Question - In 2015, The Platinum Company issued $700,000 8% bonds with 700 nondetachable warrants for $765,000 cash. Each warrant entitled the holder to buy 100 shares of The Platinum Company's $2 par common stock at $20 per share and required surrender of the attached $1,000 bond. On March 2, 2021, all The Platinum Company bondholders exercised their warrants for new shares and forfeited the bonds when shares were trading at $40 per share. On March 2, 2021, the unamortized premium on the bonds was $25,000.
Required - Prepare the necessary journal entry for the bond conversion on March 2, 2021 Assume that the Platinum Company uses the market method to record the stock issuances.
Select two of the rules that either you or one of your associates have broken in the past. Discuss why the rules are important in formulating strong arguments.
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