PART 8 Two years ago, our company invested in the bonds of another compai Today,...
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Accounting
PART 8 Two years ago, our company invested in the bonds of another compai Today, we converted the bond investment into an investment in the common stock of the other company, $3 par. The market value of the company's stock was $14 per share. Just before the conversion, our company had the following account balances: Investment in Bonds 120,000 Premium on Investment in Bonds 10,000 Make the entry for the conversion. Later in the same fiscal year, our company sold the stock for $135,000 journal entry
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