Garr Co Issued 4 000 000 Of 12 5 Year Convertible Bonds On December 1 2014 For 4

Garr Co. issued $4,000,000 of 12%, 5-year convertible bonds on December 1, 2014 for $4,016,900 plus accrued interest. The bonds were dated April 1, 2014 with interest payable April 1 and October 1. Bond premium is amortized each interest period on a straight- line basis. Garr Co. has a fiscal year end of September 30. On October 1, 2015, $2,000,000 of these bonds were converted into 28,000 shares of $15 par common stock. Accrued interest was paid in cash at the time of conversion.

Garr Co. issued $4,000,000 of 12%, 5-year convertible bonds on December 1, 2014 for $4,016,900 plus accrued interest. The bonds were datedApril 1, 2014 with interest payable April 1 and October 1….

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