I need help ASAP. Thank you in advance. Exercise 16-3 Marigold Company has bonds

Question

I need help ASAP. Thank you in advance.

Exercise 16-3 Marigold Company has bonds payable outstanding in the amount of $650,000, and the Premium on Bonds Payable account has a balance of $7,700. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock. Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Question Attempts: o of 3 used SAVE FOR LATERSUBHIT ANSWER SUBMIT ANSWER

Explanation / Answer

General Journal Debit Credit Bonds Payable $650,000 Premium on Bonds Payable $7,700 Preferred Stock(650 * $50 * 20) $650,000 Paid-in Capital in Excess of Par $7,700

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