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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