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:

Bulimia

A disorder marked by cycles of excessive eating and then purging to avoid putting on weight.

Metropolitan Insurance Company

A hypothetical or specific company that provides insurance services to individuals and businesses in urban and metropolitan areas.

Ideal Weight

The optimal body weight for an individual's height and body type, associated with maximum health benefits.

Diet

The combination of foods and beverages consumed by an individual, often considered in terms of nutritional quality and balance.