For each of the unrelated transactions described below, present the entry(ies) required to record the...
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Accounting
For each of the unrelated transactions described below, present the entry(ies) required to record the bond transactions.
1. On August 1, 2011, Lane Corporation called its 10% convertible bonds for conversion. The $8,000,000 par bonds were converted into 320,000 shares of $20 par common stock. On August 1, there was $700,000 of unamortized premium applicable to the bonds. The fair market value of the common stock was $20 per share. Ignore all interest payments.
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