1.Question 1On 1/1/20X1, ?Illini issues $20,000 ?face amount 10% ?ordinary convertible bonds maturing 12/31/20X3. ?The bonds are issued at the face amount. Interest...
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Accounting
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On X ?Illini issues $ ?face amount ?ordinary convertible bonds maturing X ?The bonds are issued at the face amount. Interest is paid semiannually on June ?and December ?Each $ ?bond can be converted into one share of $ ?par common stock of Illini. On X ?half of the convertible bonds are converted into Illinis common stock.
Please refer to the instructions and the table in this question. Enter the correct journal entry for part A
Project ?Part ?Journal Entries
Date
Account Name Debit
Account Name Credit
Debit
Credit
X
Cash
A
Bonds payable
B
X
Interest expense
C
Cash
D
X
Interest expense
E
Cash
F
X
Bonds payable
G
Common stock
H
APIC
I
X
Interest expense
J
Cash
K
X
Interest expense
L
Cash
M
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