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Question - Kelley Co. has $5,000,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2022, the holders of $1,600,000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $26. The total unamortized bond premium at the date of conversion was $350,000.
Required -
(1) Record the appropriate journal entry or entries for the conversion of the bonds.
(2) How would stockholder's equity change from the conversion of the bonds?
olson company has the following datamonthnbspnbspnbspnbspnbspnbspnbspnbsp budgeted
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