Record the conversion using the book value method

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Reference no: EM131286472

Petrenko Corporation has outstanding 1,500 $1,000 bonds, each convertible into 50 shares of $10 par value ordinary shares. The bonds are converted on December 31, 2014. The bonds payable has a carrying value of $1,445,000 and conversion equity of $17,000. Record the conversion using the book value method.

Reference no: EM131286472

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