Flounder Corporation has outstanding 1,700 $1,000 bonds, each convertible into 70 shares of $10 par value common stock. The bonds are converted on December 31, 2020, when the unamortized discount is $26,900 and the market price of the stock is $21 per share.
Required:
Record the conversion using the book value approach.
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Flounder Corporation has outstanding 1,700 $1,000 bonds, each convertible into 70 shares of $10 par...
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