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1.Question 1On 1/1/20X1, ?Illini issues $20,000 ?face amount 10% ?ordinary convertible bonds maturing 12/31/20X3. ?The bonds are issued at the face amount. Interest...

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Accounting

$1 .$
Question $1$
On $1 / 1 / 20$ X $1,$ ?Illini issues $ $20, 000$ ?face amount $10 %$ ?ordinary convertible bonds maturing $12 / 31 / 20$ X $3 .$ ?The bonds are issued at the face amount. Interest is paid semiannually on June $30$ ?and December $31 .$ ?Each $ $25$ ?bond can be converted into one share of $ $1$ ?par common stock of Illini. On $1 / 1 / 20$ X $2,$ ?half of the convertible bonds are converted into Illini $’$ s common stock.
Please refer to the instructions and the table in this question. Enter the correct journal entry for part $[$ A $] .$
Project $2.1$ ?Part $2$ ?Journal Entries
Date
Account Name $($ Debit $)$
Account Name $($ Credit $)$
Debit
Credit
$1 / 1 / 20$ X $1$
Cash
$[$ A $]$
Bonds payable
$[$ B $]$
$6 / 30 / 20$ X $1$
Interest expense
$[$ C $]$
Cash
$[$ D $]$
$12 / 31 / 20$ X $1$
Interest expense
$[$ E $]$
Cash
$[$ F $]$
$1 / 1 / 20$ X $2$
Bonds payable
$[$ G $]$
Common stock
$[$ H $]$
APIC
$[$ I $]$
$6 / 30 / 20$ X $2$
Interest expense
$[$ J $]$
Cash
$[$ K $]$
$12 / 31 / 20$ X $2$
Interest expense
$[$ L $]$
Cash
$[$ M $]$

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