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accounting homework

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« on: February 20, 2011, 08:07:14 am »

Wally Mart bondholders convert $100,000 of the bonds into 4,000 shares of Wally Mart's common stock, which has a par value of $1 per share. Assume that the carrying amount of the Wally Mart's bonds is $90,000 ($10,000 discount).
The journal entry to record the conversion of bonds into stock would include?
a. Debit to Bonds Payable of $100,000


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