Business, 25.08.2020 17:01 fatherbamboo

On January 1, 2019, Branson Corporation issued $500,000 of convertible bonds at par value. The bonds were issued with a stated interest rate of 3%. Each $1,000 bond is convertible into 20 shares of the corporation’s $1 par value common stock. Branson may also elect to settle bonds with a cash payment in lieu of issuing stock. Similar bonds without the conversion feature would have sold for $455,000. Required:
Prepare the journal entry for Branson to record the issuance of the convertible bonds.

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On January 1, 2019, Branson Corporation issued $500,000 of convertible bonds at par value. The bonds...

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