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Mayne, Inc. sold $500,000 of its ten-year 8% bonds at 96 on January 1, 2009. Interest is paid each January 1 and July 1 and straight-line amortization is used. Each $1,000 bond is convertible into 100 shares of $10 par common stock. One-half of the bonds were converted on January 1, 2014, when the market value of the stock was $14 per share.

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