Business, 23.06.2019 17:30 XxrazorxX11

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 glessâ€™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 glessâ€™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 glessâ€™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).

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On january 1, 2018, gless textiles issued $12 million of 9%, 10-year convertible bonds at 101. the b...

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