On January 1,2014,ABC Incorporated issued $10,000,000 face amount of 8%,10 year,subordinated convertible debentures at face value in a private placement.The debentures pay interest annually,in cash,on 31 December.The bonds were issued for $12 million,and that the market rate was 6%:
Assume that on January 1^st,2015,the shares were converted when the market price of the share was $102.Prepare the required journal entry.

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The Answer of On January 1,2014,ABC Incorporated issued $10,000,000 face amount of 8%,10 year,subordinated convertible debentures at face value in a private placement.The debentures pay interest annually,in cash,on 31 December.The bonds were issued for $12 million,and that the market rate was 6%: Assume that on January 1^st,2015,the shares were converted when the market price of the share was $102.Prepare the required journal entry.

On January 1,2014,ABC Incorporated Issued $10,000,000 Face Amount of 8%,10