A Company Issues Convertible Bonds with Face Value of $10,000,000

question 5

Essay

A company issues convertible bonds with face value of $10,000,000 and receives proceeds of $10,500,000. Each $1,000 bond can be converted, at the option of the holder, into 800 common shares. The underwriter estimated the market value of the bonds alone, excluding the conversion rights, to be approximately $8,300,000.
Required:
Record the journal entry for the issuance of these bonds based on IFRS.

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Definitions:

Tactical Goal

Short-term objectives set by an organization that are aimed at achieving a specific part of a larger strategic plan.

Corporate Strategy

a long-term, overarching plan of a corporation designed to achieve specified objectives while managing competition and market challenges.

Business Strategy

A plan developed by an organization detailing how it will use its resources to achieve its goals and stand out in the market.

European Union Policies

Regulations and directives formulated by the European Union to manage and guide member states on a wide range of issues including trade, environment, immigration, and security.