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Record the entry on June

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Question - On June 30, 2014, Lipton, Inc. sold $100,000 of 8% bonds for $102,530. The bonds are dated June 30, 2014, pay interest annually on June 30, and will mature on June 30, 2019.

If the bonds had been issued as convertible with the option for bond holders to convert each $1,000 bond into 10 shares of $5 par value common stock, record the entry on June 30, 2018 if after interest was paid all bond holders decided to convert their bonds. At the time of conversion $2,500 unamortized premium remained on the bonds.

Reference no: EM132474174

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