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Prepare the entry to record the conversion on October

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Problem - Bob Co. issued $3,000,000 of 12%, 5-year convertible bonds on April 1, 2021 for $3,050,000. The bonds were dated April 1, 2021 with interest payable April 1 and October 1. Bond premium is amortized each interest period on a straight-line basis. October 1, 2022, all of these bonds were converted into 30,000 shares of $10 par common stock. Prepare the entry to record the conversion on October 1, 2022.

Reference no: EM132812775

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