Use the Following Information for Questions 36-37

question 57

Multiple Choice

Use the following information for questions 36-37.
On January 2, 2020, Perseus Corp. issued 10-year convertible bonds at 105. During 2021, all the bonds were converted into common shares having a total value equal to the total face amount of the bonds. At conversion, the market price of Perseus's common shares was 50% above its average carrying value. Perseus adheres to IFRS.
-On conversion, Perseus would credit the Common Shares account with

• A) the par value of the bonds plus the balance in the Contributed Surplus account.
• B) the carrying value of the bonds plus the balance in the Contributed Surplus account.
• C) the carrying value of the bonds minus the balance in the Contributed Surplus account.
• D) the market value of the bonds plus the balance in the Contributed Surplus account.

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