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  3. 1. on january 1, 2019, martinez issued 10-year, $1

1. On January 1, 2019, Martinez issued 10-year, $100,000 face value, 6% bonds at par....

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Accounting

1. On January 1, 2019, Martinez issued 10-year, $100,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Martinez $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2020. (Ignore all tax effects.)

A) Prepare the journal entry Martinez would have made on January 1, 2019, to record the issuance of the bonds.

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