Solved: Swifty corporation has outstanding 1700 1000 bonds record, Accounting Basics

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Swifty corporation has outstanding 1700 1000 bonds record

Question - Swifty Corporation has outstanding 1,700 $1,000 bonds, each convertible into 70 shares of $10 par value common stock. The bonds are converted on December 31, 2017, when the unamortized discount is $26,900 and the market price of the stock is $21 per share.

Record the conversion using the book value approach.

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Accounting Basics: Swifty corporation has outstanding 1700 1000 bonds record

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Accounting Basics: Swifty corporation has outstanding 1700 1000 bonds record

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