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Question - On January 1, 2017, HTL Manufacturers issued $250 million of 7% convertible debentures due December 31, 2026 at 103. The bonds are convertible at the option of the holder into common shares at a conversion ratio of 40 shares per $1,000 bond. HTL recently issued nonconvertible, 10-year, 7% debentures at 97. Assume straight-line amortization of any bond discounts or premiums.

Required - Provide all the required entries at the following dates:

January 1, 2017: Issuance of the convertible bonds.

December 31, 2020: Conversion of half the bonds. Assume interest was paid and already recorded.

December 31, 2024: Interest payment date.

December 31, 2026: Maturity date.

Reference no: EM132832892

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