On September 01, 2017, State Corporation Bonds Payable account has a balance of $100,000 and the Discount on Bonds Payable account has a balance of $100,000. Each $1,000 bond is convertible into 20 shares of common stock with a par value of $30 per share. All bonds are converted into common stock. The fair value of the common stock on September 01 is $50 per share. Prepare the journal entry to record the conversion of these bonds into common stock.
solution:
| Description | debit | credit |
| Bonds payable | 1000000 | |
| Loss on conversion of bonds | 100000 | |
| Discounts payable | 100000 | |
| common stock (1000*20*30) | 600000 | |
| Paid-in-Capital in Excess of Par (1000*20*30) | 400000 |
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