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What amount was credited to bonds payable

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Problem 1: On January 1, 20X1, Governor Ltd. issued $1,000,000 in convertible bonds with a stated interest rate of 6%, for proceeds of $1,015,000. Interest is paid semi-annually on June 30 and December 31 until the bonds mature on December 31, 20X8. Each $1,000 bond is convertible into two common shares. At the time the convertible bonds were issued, an equivalent bond without the conversion feature would have been issued to yield an interest rate of 7.5%. Governor prepares its financial statements in accordance with IFRS. What amount was credited to bonds payable when the bonds were issued on January 1, 20X1?

Reference no: EM132700621

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