G1 Corp. issued $30 million subordinated convertible debentures on January 1, 2017 at face value....
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G1 Corp. issued $30 million subordinated convertible debentures on January 1, 2017 at face value. The debentures pay 7% interest annually and are convertible into 30 common shares for each $1,000 of the bonds face value. At maturity, December 31, 2018, G1 Corp. has the option of issuing common shares to redeem the bonds instead of paying cash.
Required:
Prepare all the journal entries associated with the bond for the year ended December 31, 2018.
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