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Please make the response detailed, explanative, and easy to read Recording the Issuance of Convertible...

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Accounting

Please make the response detailed, explanative, and easy to read

Recording the Issuance of Convertible Bonds

Stonewall Corporation issued $20,000 of 5%, 10-year convertible bonds. Each $1,000 bond is convertible to 10 shares of common stock (par $50) of Stonewall Corporation. The bonds were sold at 105 on January 1, 2020. Provide the entry for Stonewall Corporation on January 1, 2020, to record the issuance of the bonds.

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Note: List multiple debits or credits (when applicable) in alphabetical order. Dr. Cr. - 0 x O Date Account Name Jan. 1, 2020 Cash Bonds Payable Premium on Bonds Payable 0 OX > O 0 x

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