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Record the conversion using the book value method

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Oriole Capital Ltd. issued 470 $1,000 convertible bonds at 104. The instruments have now been converted. Assume that Oriole Capital Ltd. follows ASPE, and that all of the proceeds were allocated to the debt component upon initial recognition. At the time of conversion, the unamortized bond premium was $11,000, and the common shares had a fair value of $46 per share.

Question 1: Record the conversion using the book value method.

Hint : only one Journal entry with two accounts is required

Reference no: EM132538681

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