Need red fill out thank you Flint Inc. issued $2,220,000 of convertible 10-year

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Need red fill out thank you

Flint Inc. issued $2,220,000 of convertible 10-year bonds on July 1, 2017. The bonds provide for 12% interest payabl amortized monthly on a straight-line basis. The bonds are convertible after one year into 7 shares of Flint Inc.'s $100 par value common stock for each $1,000 of On August 1, 2018, $222,000 of bonds were turned in for conversion into common stock. Interest has been accrued r Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) August 1, 2018. (Assume the book value method is used.) (6) August 31, 2018. (c) December 31, 2018, including closing entries for end-of-year. No. Date Account Titles and Explanation Debit Credit (a) Aug. 1, 2018 TBonds Payable Discount on Bonds Payable TCommon Stock Paid-in Capital in Excess of Par - Common Stock (To record the issuance of shares of common stock and the write-off of the discount on bonds payable.) Aug. 1, 2018 ]Interest Payable Cash 220 OUII II II II II DIII I II II II (To record payment in cash of interest accrued on bonds.) 2) Aug. 31, 2018 Interest Expense 387 Discount on Bonds Payable (To record amortization of discount on bonds.) Aug. 31, 2018 Interest Expense 19980 Interest Payable (To record accrual of interest on bonds.) c) Dec. 31, 2018 TIncome Summary Interest Expense (To close expense account)

Explanation / Answer

Debit Credit Bond Payable $222,000 Discount of Bond Payable 516 Common Stock 22,200 Paid in Capitan in Excess of Par- Common Stock 199,284 Debit Credit Income Summary 20,367 Interest Expense 20,367

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