Volker inc. issued $2,500,000 of convertible 10-year bonds on July 1, 2010. The bonds provide 12%interest payable semiannually on January 1 and july 1. The discount in connection with the issue was $54,000, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Volker Inc.’s $100 par value common stock for each $1,000 of bonds. On August 1, 2013, $250,000 of bonds were turned in for conversion into common stock. Interest has been accured monthly and paid as due. At the time of the conversion, any accured interest on bonds being converted is paid in cash.
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