(Solution) - Walsh Beverages has outstanding convertible debt with a book value -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Walsh Beverages has outstanding convertible debt with a book value of $ 325,700 at the end of the current year. The bonds have a total par of $ 300,000 and an unamortized premium of $ 25,700. Each $ 1,000 bond is convertible into 20 shares of $ 1 par value common stock. Prepare the journal entry required to record the bond conversion.