two issues of securities outstanding: common stock and $5,500,000 face value, 5-year, 3% convertible bonds which...

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two issues of securities outstanding: common stock and$5,500,000 face value, 5-year, 3% convertible bonds which wereissued January 1, 2019 when the market rate was 4%. Bond interestpayments dates are June 30 and December 31. Each Bond isconvertible into 40 shares of $20 par value common stock . On July1, 2019 the holders of $1,100,000 face value exercise theconversion privilege . On the date, the bonds were selling at 110and the market price of the stock was $35. The company uses theeffective interest method for amortization of the of the bondpremium.
What is the amount to be "Paid -in-Capital for Common Stock" onJuly 1, 2019?

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Morgan Corporation had twoissues of securities outstanding common stock and an 8 convertible bond Interestpayment dates of the bondissue are June 30th andDecember 31st On June 30 2014 the holders of 1800000 face value See Answer

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