On January 1, $300,000 of Par Value Bonds with a Carrying

question 1

Multiple Choice

On January 1, $300,000 of par value bonds with a carrying amount of $310,000 is converted to 50,000 $5 par value ordinary shares. The entry to record the conversion of the bonds includes all of the following entries except:

• A) Debit to Bonds Payable $310,000.
• B) Debit to Premium on Bonds Payable $10,000.
• C) Credit to Share Capital-Capital $250,000.
• D) Credit to Share Premium-Ordinary $60,000.
• E) Debit to Bonds Payable $300,000.

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