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Clarkston Inc issued $1,000,000 of convertible 10- year, 11% bonds on July 1, 2014. The interest is payable semiannually on January 1 and July 1. The discount in connection with the issue was $9,500, which is amortized monthly using the straight line basis. The debentures are convertible after one year into five shares of the company's $1 par common stock for each $ 1,000 of bonds
On August 1, 2015, $100,000 of the bonds were converted. Interest has been accrued monthly and paid as due. Any interest accrued at the time of conversion of the bonds is paid in cash.
Prepare the journal entries on Clarkstons books to record the conversion, amortization, and interest on the bonds as of August 1 and August 31, 2015
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Heathrow issues $2,000,000 of 6%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,447,990.
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