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On January 2, 2019, Lindsay Corporation issued $800,000 of 8% convertible bonds at par, maturing in 10 years with semi-annual interest payments on June 30 and December 31. Each $1,000 bond can be converted into 26 shares of $2.50 par value common stock. Alternatively, Lindsay has the option to settle the bonds in cash. Comparable non-convertible bonds would have a 10% stated interest rate. To record the bond issuance, the face value is $800,000, with an 8% stated interest rate and a market rate of 10%. The total payment spans 10 years with semi-annual payments, leading to a calculated bond price of $700,302.