Tatum Corporation has $2,000,000 worth of 7 percent convertible bonds outstanding.On September 1,20xx,there is $80,000 of unamortized discount associated with these bonds.The bonds are convertible at the rate of 30 shares of $10 par value common stock for each $1,000 bond.On September 1,20xx,an interest payment date,bondholders presented $1,400,000 of the bonds for conversion.Prepare an entry in journal form without explanation to record the conversion of the bonds.

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The Answer of Tatum Corporation has $2,000,000 worth of 7 percent convertible bonds outstanding.On September 1,20xx,there is $80,000 of unamortized discount associated with these bonds.The bonds are convertible at the rate of 30 shares of $10 par value common stock for each $1,000 bond.On September 1,20xx,an interest payment date,bondholders presented $1,400,000 of the bonds for conversion.Prepare an entry in journal form without explanation to record the conversion of the bonds.

Tatum Corporation Has $2,000,000 Worth of 7 Percent Convertible Bonds