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A company issues convertible bonds with face value of $5,000,000 and receives proceeds of $6,500,000.Each $1,000 bond can be converted,at the option of the holder,into 80 common shares.The underwriter estimated the market value of the bonds alone,excluding the conversion rights,to be approximately $6,300,000.
Requirement:
Record the journal entry for the issuance of these bonds based on IFRS.
Conceive
To conceive means to form or develop an idea, plan, or understanding in the mind.
Controling
The act of directing or regulating the behavior or operations of something or someone.
Unwrapped
Exposed or revealed by removing a covering.
Reccomendation
Advisory suggestions provided to guide decisions or propose certain actions.
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