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Business, 06.12.2021 16:20 zayeboyd4436

Fogel Co. has $4000000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2021, the holders of $1280000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $280000. Fogel should record, as a result of this conversion, a:

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Fogel Co. has $4000000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30...
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