ACC 304 All Assignments ACC 304 All Assignments | Page 60

c. current liability.
d. contra current asset.
ACC 304 Week 10 Chapter 16 Homework
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ACC 304 Week 10 Chapter 16 Homework
1) Archer Inc. issued $4,461,300 par value, 7% convertible bonds at
99 for cash. If the bonds had not included the conversion feature, they
would have sold for 95.
Prepare the journal entry to record the issuance of the bonds. (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 0 for the amounts.)
Account Titles and Explanation
Debit Credit