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Provide the journal entry to record the initial issuance

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Question - Mecca Energy Corp. Issued a convertible bond on 1 August 20X9. The 10-year, 4% $12,000,000 bond pays Interest semi-annually each 31 July and 31 January. At maturity, each $1,000 bond is convertible into 120 common shares. The bond was issued for $12,500,000. Market Interest rates were approximately 5%.

Required - Provide the Journal entry to record the initial issuance of the bond.

Reference no: EM133124498

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