On January 1, 2018, Gless Textiles issued $13.5 million of 8%, 10-year convertible bonds at 102….

On January 1, 2018, Gless Textiles issued $13.5 million of 8%,
10-year convertible bonds at 102. The bonds pay curiosity on June 30
and December 31. Every $1,000 bond is convertible into 50 shares of
Gless’s no par frequent inventory. Bonds which might be comparable in all
respects, besides that they’re nonconvertible, at present are
promoting at 98 (that’s, 98% of face quantity). Century Companies
bought 9% of the difficulty as an funding.

Required:
Assume Gless Textiles prepares its monetary statements in accordance
to Worldwide Monetary Reporting Requirements. Put together the journal
entry for the issuance of the bonds by Gless utilizing the web
technique

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