Examlex
LMN Company reported the following amounts on its balance sheet at July 31,2019:
Liabilities
Equity
Additional information
1.The bonds pay interest each July 31.Each $1,000 bond is convertible into 5 common shares.The bonds were originally issued to yield 10%.On July 31,2019,all the bonds were converted after the final interest payment was made.LMN uses the book value method to record bond conversions as recommended under IFRS.
2.No other share or bond transactions occurred during the year.
Required:
a.Prepare the journal entry to record the bond interest payment on July 31,2019.
b.Calculate the total number of common shares outstanding after the bonds' conversion on July 31,2019.
c.Prepare the journal entry to record the bond conversion.
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Exaggerating one's efforts in one area to make up for a real or perceived deficiency in another area.
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A psychological condition that arises from persistent feelings of inadequacy, often leading to overcompensation or avoidance behaviors, differing in intensity from general inferiority feelings.
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A concept in psychoanalytic theory involving a child's unconscious desire for the opposite-sex parent and jealousy toward the same-sex parent.
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