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Question - Janenda Inc. issued $5,000,000 of convertible 5-year bonds on July 1, 2020. The bonds provide for 6% interest payable semiamuially on January 1 and July 1. The discount in connection with the issue was $120,000, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 15 shares of Janenda Inc.'s $1 par value common stock for each $1,000 of bonds. On October 1, 2021, $600,000 of bonds were turned in for conversion into common stock. At the time of conversion, any accrued interest on bonds being converted is paid in cash.
What are the journal entries to record the conversion in connection with the bonds as of October 1,2021. Assume the book value method is used. Round your answer to nearest dollar.
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