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Cullumber Limited had $2.92 million of bonds payable outstanding and the unamortized premium for these bonds...

Cullumber Limited had $2.92 million of bonds payable outstanding and the unamortized premium for these bonds amounted to $41,600. Each $1,000 bond was convertible into 20 preferred shares. All bonds were then converted into preferred shares. The Contributed Surplus - Conversion Rights account had a balance of $21,900. Assume that the company follows IFRS. Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts Assume that Cullumber Ltd. offers $9,000 to induce early conversion. What journal entry would be made? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Account Titles and Explanation

Debit

Credit
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