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Question - On July 1, 2018, bondholders converted bonds of MAD Corporation with a face value of $180,000 into 3,600 of its no par value common shares. On that date, these shares were being traded at $51 and there was a balance of $7,200 of discount on the bonds remaining unamortized. All interest has been recorded and paid up to that date. When the bonds had been issued, the equity portion of the issue was recorded at $1,700.
The balance of this unamortized discount amounted to 40% of the discount recorded on the date the bonds had been issued. Interest is paid on June 30 and December 31 and the bond discount is being amortized at $1,350 per interest period.
Required -
1. Determine the date on which the bonds were issued.
2. What is the journal entry that MAD was required to be made when these convertible bonds were issued. (Under ASPE)
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