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On July 1, 2013, an interest payment date, $120,000 of Tally Corporation bonds were converted into 3,100 shares of Tally Corporation common stock, each having a par value of $35 and a market value of $42. There is $5,700 unamortized discount on the bonds. Using the book value method, Tally would record:

a) a $5,300 increase in paid-in capital in excess of par

b) a $5,800 increase in paid-in capital in excess of par

c) a $11,500 increase in paid-in capital in excess of par

d) a $15,900decrease in paid-in capital in excess of par

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945875

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