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Prepare the journal entry to record the conversion of bond

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Question - Sixty $1,000 convertible bonds with a carrying value of $69,000 are converted into 9,000 share of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. Prepare the journal entry to record the conversion of the bond to common stock.

Reference no: EM132566881

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