Record journal entry or journal entries to record issuance

Reference no: EM131970243

Problem

The Really Cheap Company (RCC) issued $20 million of five-year convertible bonds at par with 6% annual interest, which would be due December 31, 2017. The 6% bonds are convertible at any time after issuance, which was January 1, 2013, at the rate of 10 shares of common stock for each $1,000 of the face value of the convertible bonds. Issuance costs total $100,000. The current market rate for non-convertible bonds is 8% interest. Record the journal entry or journal entries to record the issuance of the convertible bonds utilizing IFRS in good format.

Reference no: EM131970243

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