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Prepare the journal entries on jan and june to record

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Pharoah Corporation issued 4,000, five year, 4% bonds at 106 on January 1, 2020. Interest is paid annually. Each $1,000 bond carried one detachable warrant allowing the holder to purchase 100 common shares in Pharoah at $11 per share, the price at which Pharoah shares were trading on the day of the sale of the bonds. Similar straight bonds trading on the open market paid 5%. On June 30, 2020, 800 of the bond holders exercised the options to buy the shares.

Question 1: Prepare the journal entries on Jan 01 and June 30 to record these events

Reference no: EM132534822

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