Business
Business, 19.03.2020 20:59, hsbhxsb

On June 30, 2013, Blair Industries had outstanding $80 million of 8% convertible bonds that mature on

June 30, 2014. Interest is payable each year on June 30 and December 31. The bonds are convertible into

6 million shares of $10 par common stock. At June 30, 2013, the unamortized balance in the discount on

bonds payable account was $4 million. On June 30, 2013, half the bonds were converted when Blair's

common stock had a market price of $30 per share. When recording the conversion, Blair should credit

paid-in capital-excess of par:

A. $6 million.

B. $8 million.

C. $10 million.

D. $12 million.

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Answers: 1

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