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Question - On January 1, 2017, Fermi Motors Inc. issued $5000 in principal of 3-year convertible bonds with a 3% stated interest rate and semi-annual payments (non-amortizing debt). Holders of the bonds may redeem and receive 40 shares of common stock per $1000 in principal redeemed. The bonds were sold at par. The common stock has zero par value. The company intends to issue new shares if holders redeem the bonds.
At maturity, the price of Fermi Motors's common stock was $65 per share, and holders of the bonds redeemed the bond for stock.
Record the journal entry for the retirement of the bonds and the issuance of stock. (Select all that apply.)
Cr. Additional paid-in capital $5000
Cr. Cash $5000
Cr. Common stock at par $65
Cr. Common stock at par $0
Dr. Debt payable $5000
Cr. Additional paid-in capital $4000
Dr. Cash $4000
Dr. Debt payable $6500
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