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What the number five should credit common stock

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Question - On June 30,2021, Number Five Industries had outstanding $106 million of 9% convertible bonds that mature on June 30,2022. Interest is payable each year on June 30 and Dec 31. The bonds are convertible into 9 million shares of no-par common stock. At June 30, 2021, the unamortized balance in the discount on bonds payable account was $4 million. On June 30, 2021, half the bonds were converted when Number Five's common stock had a market price of $43 per share. When recording the conversion, what the number Five should credit common stock.

Reference no: EM133188882

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