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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 $630,402 of 12.65% first-mortgage bonds outstanding. These bonds will be exchanged for $420,262 of 7.35% first-mortgage bonds and 26,258 new common shares. In the journal entry to record this exchange, how much will be debited or credited to the Common Shares? a. $204,887 b. $220,647 c. $225,901 d. $210,140 e. $215,394

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