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XYZ Inc is going through a reorganization and will do an exchange of its bonds...

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Accounting

XYZ Inc is going through a reorganization and will do an exchange of its bonds after discussions with lenders. It currently has $477,691 of 9.53% first-mortgage bonds outstanding. These bonds will be exchanged for $318,459 of 5.79% first-mortgage bonds and 19,901 new common shares. In the journal entry to record this exchange, how much will be debited or credited to the Common Shares?

a.

$167,194

b.

$163,213

c.

$159,232

d.

$155,251

e.

$151,270

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