Business, 20.03.2020 02:19 richy5667

Marigold Corp. had two issues of securities outstanding: common stock and an 8% convertible bond issue in the face amount of $15100000. Interest payment dates of the bond issue are June 30th and December 31st. The conversion clause in the bond indenture entitles the bondholders to receive forty shares of $20 par value common stock in exchange for each $1000 bond. On June 30, 2021, the holders of $2265000 face value bonds exercised the conversion privilege. The market price of the bonds on that date was $1100 per bond and the market price of the common stock was $36. The total unamortized bond discount at the date of conversion was $1090000. In applying the book value method, what amount should Marigold credit to the account "paid-in capital in excess of par," as a result of this conversion

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Marigold Corp. had two issues of securities outstanding: common stock and an 8% convertible bond iss...

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