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XYZ Corporation Has $30,000 of Bonds Outstanding with a Carrying

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XYZ Corporation has $30,000 of bonds outstanding with a carrying value of $38,400. The bonds are converted into 15,000 shares of $1 par value common stock. The common stock had a market value of $5 per share on the date of conversion. The entry to record the conversion would include a debit to bonds payable of:


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