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 > Accounting Posted 31 Jul 2017 My Price 4.00

Tuttle Company

On July 1, 2008 the Tuttle Company had bonds payable outstanding with a face value of $200,000 and a book value of $194,000. The interest on these bonds was paid on June 30. When these bonds were issued, each $1,000 bond was convertible into 20 shares of $10 par common stock. To induce conversion, on June 15, 2008 the terms were changed so that each bond was convertible into 22 shares of common stock if the conversion was made within 30 days. All the bonds were converted on July 1, 2008 when the market price of the common stock was $50 per share.

Required
Using the book value method, record the conversion of the bonds on July 1, 2008.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 08:07 AM My Price 4.00

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