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Prepare the necessary journal entry for the conversion

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Question - Canon Corporation has $600,000, 10%, 10-year convertible bonds that were sold at face value. The bonds are convertible into 20 shares of Canon $10 par value common stock for each $1,000 bond. On December 31, 2008, after bond interest had been paid, $300,000 face value bonds were converted.

Prepare the necessary journal entry for the conversion and retirement of the bonds.

Reference no: EM131768960

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