### Basics record when recording the conversion

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##### Reference no: EM13138830

On June 30, 2009, Blair Industries had outstanding \$80 million of 8%, convertible bonds that mature on June 30, 2010. Interest is payable each year on June 30 and December 31. The bonds are convertible into 6 million shares of \$10 par common stock. At June 30, 2009, the unamortized balance in the discount on bonds payable account was \$4 million. On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of \$30 per share. What journal entry should Blair make record when recording the conversion?

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