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Corona Ltd issued $30 million of convertible bonds on 1 July 2019. The notes have a life of 6 years and a face value of $30 each. Annual interest of 5% is payable at the end of each year. The notes were issued at their face value and can be converted at any time over their lives. Firms with a similar risk profile to Corona Ltd have issued debt with similar terms but without the option to convert at the rate of 7%. The company accountant has already calculated the present value of convertible bonds liability and equity component as follows:
Required:
Problem 1: Provide the appropriate accounting journal entries on 1 July 2019 and 30 June 2020.
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