Maple Corp. issued $100,000 of 8%, 10-year convertible bonds. Each $1,000 bond is convertible into 2 shares of common stock ($1 par value per share) of Maple Corp. The bonds were sold at 97 on January 1, 2020. Assume that the conversion feature for 50% of the bonds is exercised on December 31, 2020, after Maple Corp. made payments of $10,000 to shareholders to induce conversion. Assume that any discount or premium has been amortized through the date of conversion using the straight-line interest method. The common stock is selling at $80 per share on December 31, 2020. Upon conversion of 50% of the convertible bonds, Maple Corp. would credit to Paid-in Capital—Common Stock for the following amount. Group of answer choices
$48,400
$48,300
$49,750
$48,550
