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Thirty $1,000 Bonds with a Carrying Value of $38,400 Are

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Thirty $1,000 bonds with a carrying value of $38,400 are converted into 3,000 shares of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. The entry to record the conversion is Thirty $1,000 bonds with a carrying value of $38,400 are converted into 3,000 shares of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. The entry to record the conversion is

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