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Markus Co. has $2,000,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into...

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Accounting

Markus Co. has $2,000,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 30. On July 31, 2014, the holders of $1,000,000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $35. The total unamortized bond premium at the date of conversion was $210,000 (for all 2,000 bonds). For what amount should Markus CREDIT APIC -Common Stock

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