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Business, 21.12.2019 03:31 blackjack73

Sunland company had two issues of securities outstanding: common stock and an 9% convertible bond issue in the face amount of $1535. interest payment dates of the bond issue are june 30th and december 31st. the conversion clause in the bond indenture entitles the bondholders to receive forty shares of $20 par value common stock in exchange for each $1000 bond. on june 30, 2018, the holders of $2302500 face value bonds exercised the conversion privilege. the market price of the bonds on that date was $1200 per bond and the market price of the common stock was $35. the total unamortized bond discount at the date of conversion was $98. in applying the book value method, what amount should sunland credit to the account "paid-in capital in excess of par," as a result of this conversion?

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