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Record the conversion using the book value approach

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Question - Flounder Corporation has outstanding 2,300 $1,000 bonds, each convertible into 60 shares of $10 par value common stock. The bonds are converted on December 31, 2020, when the unamortized discount is $36,600 and the market price of the stock is $21 per share. Record the conversion using the book value approach.

Reference no: EM132811504

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