Thirty $1,000 Bonds with a Carrying Value of $39,600 Are

question 247

Short Answer

Thirty $1,000 bonds with a carrying value of $39,600 are converted into 4,000 shares of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. The entry to record the conversion is

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Definitions:

Community

A social group of any size whose members reside in a specific locality, share government, and often have a common cultural and historical heritage.

Chemical Brain Imbalance

A simplistic explanation for mental health disorders, suggesting that symptoms are caused by an imbalance of neurotransmitters in the brain.

Alcohol Use Disorder

A health disorder marked by a diminished capacity to cease or regulate alcohol consumption, despite negative impacts on social, professional, or medical well-being.

Natural Disaster

A catastrophic event resulting from natural processes of the Earth, such as earthquakes, hurricanes, floods, or tsunamis, causing significant damage and loss.