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QUESTION
On July 1, 2017, James Corporation issues $100,000 of 10-year, 5% convertible bonds for $125,000. Each bond is convertible into 20 common shares.
On July 1, 2017, James Corporation issues $100,000 of 10-year, 5% convertible bonds for $125,000. Each bond is convertible into 20 common shares. On the date of the issue, the shares had a market value of $50 per share. What is the correct journal entry to record this issue?
