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Question - A company issued convertible bonds in 2015. In 2018, some holders of the bonds decide to exercise their right to convert the bonds into shares of common stock. In total, $3,000,000 face value of bonds, with a book value of $2,800,000 are converted into 27,000 shares of common stock. At the time of conversion, the stock had a market value of $100 per share.
How much gain or loss, if any, should the company recognize as a result of the conversions?
A) 0
B) 100,000 gain
C) 100,000 loss
D) 300,000 gain
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