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Sergei Company issued $400,000 of bonds on January 1, 2017.
Instructions
Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100.
Prepare the journal entry to record the redemption of the bonds before maturity at 97. Assume the balance in Premium on Bonds Payable is $4,000.
Prepare the journal entry to record the conversion of the bonds into 15,000 shares of $10 par value common stock. Assume the bonds were issued at par.
Answer & Explanation
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