A bond issue of $50,000 with a carrying value of $49,000 is converted into $10 par value common stock at the rate of fifty shares for each $1,000 bond. The entry to be recorded on the conversion of bonds is:

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The Answer of A bond issue of $50,000 with a carrying value of $49,000 is converted into $10 par value common stock at the rate of fifty shares for each $1,000 bond. The entry to be recorded on the conversion of bonds is:

A Bond Issue of $50,000 with a Carrying Value of $49,000