She has sent you the following information. October 1, 2013:
The CFO of The Tapco Plastics Industries Corporation has requested your help in preparing several journal entries. She has sent you the following information.
October 1, 2013: issued $6,000,000 of “20” year convertible bonds. The bonds pay an annual rate of interest of 5%, payable semi-annually on April 1st and October 1st each year. The bonds were issued with a premium of $180,000. The premium is being amortized on a straight line basis. The bonds can be converted on any date after 4 years from their issue date, into 10 shares of Tapco’s $5 par value common stock for each $1,000 of bonds.
On December 1, 2017 $1,200,000 of bonds were turned in for conversion. Accrued interest on the bonds being converted was also paid to the holders at the time of the conversion. The company’s stock was selling for $205.50 per share on the date of the conversion.
On May1, 2018 $480,000 of bonds were turned in for conversion. Accrued interest on the bonds being converted was also paid to the holders at the time of the conversion. The company’s stock was selling for $235.75 per share on the date of the conversion.
Note: Tapco Plastics Corporation has a year end of December 31st. Journal entries pertaining to these bonds for the “5” dates below:
October 1, 2017
December 1, 2017
May 1, 2018
December 31, 2018
April 1, 2019
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