Wedge Corporation issued $1,500,000 of 10% convertible bonds for $1,620,000 on March 1, 2019. The bonds are dated March 1, 2019, pay interest semiannually on August 31 and February 28, and the premium is amortized using the straight-line method. The bonds are due on February 28, 2029, and each $1,000 bond is convertible into 25 shares of Wedge’s $10 par common stock. On March 1, 2021, when the shares were selling for $28 per share, $300,000 of bonds were converted. On September 1, 2023, when the shares were selling for $30 per share, the remainder of the bonds were converted.
Required:
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College Accounting, Chapters 1-27
Financial And Managerial Accounting
Corporate Financial Accounting
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