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  3. it will require 5 account titles in total so do ac

it will require 5 account titles in total so do according to that. ...

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Accounting

it will require 5 account titles in total so do according to that. image
Sheridan Corporation sold 180 convertible, 10-year bonds with face value $180,000. The bonds pay interest December 31 each year. Each bond pays 5% annual interest and each bond can be converted to ten common shares at the bondholders' request. The sale resulted in conversion rights of $25,285. On January 1, 2021, Sheridan offered the shareholders a price of 104 if they would agree to retire their bonds early. All of the bondholders agreed to retire their bonds early. At the time of the conversion, the market value of the bonds was $161,800 and the carrying value was $159.000 Prepare the journal entry to record the conversion of the bonds into common shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts Save for Later Attempts: 0 of 3 used Submit

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