A Company Issues Convertible Bonds with Face Value of $5,000,000

question 36

Essay

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.
Required:
Record the journal entry for the issuance of these bonds based on IFRS.

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Definitions:

Slave Artisans

refer to enslaved individuals who were skilled in trades or crafts such as carpentry, blacksmithing, or tailoring, and were often used by slave owners to perform specialized work.

Gabriel's Rebellion

An unsuccessful slave revolt led by Gabriel Prosser in 1800 in Richmond, Virginia, aiming to liberate African Americans from slavery and establish social equality.

Newspapers

Publications in print form featuring unfolded, unstapled pages that include news, articles, ads, and various informational content.

Political Debate

A formal discussion between candidates or parties where they share their views on various issues, aiming to persuade voters or highlight differences in policy and ideology.