Business, 18.03.2020 02:43 stgitskaysie367

On January 1, 2020, Swifty Corporation issued $4,360,000 of 10-year, 7% convertible debentures at 104. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into 8 shares of Swifty Corporation $100 par value common stock after December 31, 2021.
On January 1, 2022, $374,000 of debentures are converted into common stock, which is then selling at $111. An additional $374,000 of debentures are converted on March 31, 2022. The market price of the common stock is then $116. Accrued interest at March 31 will be paid on the next interest date.
Bond premium is amortized on a straight-line basis.
Required:
1. Make the necessary journal entries for:
(a) December 31, 2021. (c) March 31, 2022.
(b) January 1, 2022. (d) June 30, 2022.

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On January 1, 2020, Swifty Corporation issued $4,360,000 of 10-year, 7% convertible debentures at 10...