A drought hits corn-growing regions, reducing the supply of corn. (Click to select) b. The government announces a new subsidy to encourage consumers to purchase biofuels made from corn. (Click to select) c. A global recession reduces the incomes of consumers in poor countries who rely on corn as a staple food (assuming corn is a normal good). (Click to select) d. A new hybrid variety of corn seed causes a 15 percent increase in the yield of corn per acre. (Click to select) e. An advertising campaign by the beef producer's association highlights the health benefits of corn-fed beef.

On january 1, 2018, gless textiles issued $12 million of 9%, 10-year convertible bonds at 101. the bonds pay interest on june 30 and december 31. each $1,000 bond is convertible into 40 shares of gless’s no par common stock. bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). century services purchased 10% of the issue as an investment. on january 1, 2018, gless textiles issued $12 million of 9%, 10-year convertible bonds at 101. the bonds pay interest on june 30 and december 31. each $1,000 bond is convertible into 40 shares of gless’s no par common stock. bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). century services purchased 10% of the issue as an investment. 3. on july 1, 2023, when gless’s common stock had a market price of $33 per share, century converted the bonds it held. prepare the journal entries by both gless and century for the conversion of the bonds (book value method).