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Show necessary journal entries to record the transaction

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Question - Prudent Corporation has a balance of $600,000 in the Bonds Payable account. The related unamortized bond discount balance was $ 20,000. Prudent Corporation, in agreement with the bondholders decide to convert $400,000 worth of bonds into common stock of $3 each. The convertible provision stipulates that 50 shares of common stock will be issued for each bond held. Show necessary journal entries to record the above transaction.

Reference no: EM133107242

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