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Flounder Corporation issued 5,300, five year, 3% bonds at 103 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 Flounder at $11 per share, the price at which Flounder shares were trading on the day of the sale of the bonds. Similar straight bonds trading on the open market paid 6%. On June 30, 2020, 1,060 of the bond holders exercised the options to buy the shares.
Question 1: Prepare the journal entries to record these events. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Financial Statement Analysis and Preparation
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