On June 30, 2013, Blair Industries had outstanding $80 million of 8% convertible bonds that mature on
June 30, 2014. Interest is payable each year on June 30 and December 31. The bonds are convertible into
6 million shares of $10 par common stock. At June 30, 2013, the unamortized balance in the discount on
bonds payable account was $4 million. On June 30, 2013, half the bonds were converted when Blair's
common stock had a market price of $30 per share. When recording the conversion, Blair should credit
paid-in capital-excess of par:
A. $6 million.
B. $8 million.
C. $10 million.
D. $12 million.
Answers: 1
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