Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 11 Feb 2018 My Price 5.00

Conroe Corporation

Conroe Corporation sold $500,000 of 13% bonds at 107. Each $1,000 bond carried 20 warrants, and each warrant allowed the holder to acquire one share of $10 par value common stock for $20 per share. Subsequent to the issuance of the securities, the bonds were quoted at 102 ex rights, and the warrants were quoted at $4 each.

Required
1. Determine the value to be assigned to the bonds and the warrants, and prepare the journal entry to record the issuance of the convertible bonds.
2. Assume that 4,000 warrants are subsequently exercised. Prepare the journal entry for the issuance of the common stock.

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Feb 2018 03:02 PM My Price 5.00

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