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Novak corporation has outstanding 2,200 of $1,000 bonds, each convertible into 40 shares of $10...

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Accounting

Novak corporation has outstanding 2,200 of $1,000 bonds, each convertible into 40 shares of $10 par value common stock. the bonds are converted on december31,2025, when the unamortized discount is $35,100 and the market price of the stock is $21 per share. record the conversion using the book value approach

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