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On January 1, 2009, the Taylor Corporation purchased $20,000 of the Kalanda Corporation 's 12% convertible bonds for $19,760. The bonds pay interest semiannually each December 31 and June 30 and are due December 31, 2013. Each $1,000 bond is convertible into 15 shares of the Kalanda Corporation 's $10 par common stock. Taylor uses the straight line method of discount amortization. At the end of 2009 and 2010, the quoted market price of the bonds was not materially different from the amortized cost. On July 1, 2011, Taylor exchanged all of the bonds for Kalanda common stock. At that time the market value of the common stock was $72 per share.Required:Prepare whatever entries are necessary to record the acquisition and conversion of the Kalanda bonds.
rush company developed the following information for
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