On December 31,2009,the Balance Sheet of the Gable Corporation Reported

Question 193

On December 31,2009,the balance sheet of the Gable Corporation reported 1,000 bonds outstanding with a face value of $500,000 and a related unamortized discount of $35,000.The bonds are convertible at the rate of 25 shares of common stock for each $1,000 bond.On January 1,2010,the bondholders presented $400,000 of the bonds for conversion.The entry to record this conversion contained a credit to Additional Paid-in Capital for $172,000.Calculate the par value per share of the common stock.