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On July 1st after recording interest and amortization the holders of Manchesters Companys convertible bonds...

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Accounting

On July 1st after recording interest and amortization the holders of Manchesters Companys convertible bonds exercise their right to convert 2,000,000 of the bonds. The bonds were converted into 100,000 shares of Manchesters $1.00 par value common stock. On the conversion date the carrying value of the bonds was 2,600,000. Using the book value method what amount of additional paid in capital should Manchester record as a result of their conversion.

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