Immediately after the interest payment,Canton Corporation's $1,000,000 of bonds were converted into 200,000 common shares.The unamortized premium on the bonds at the date of conversion was $34,650.The entry to record the conversion would include a:

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The conversion of bonds into common shares involves debiting Bonds Payable for the face value of the bonds, which is $1,000,000, to remove the liability from the books.

Immediately After the Interest Payment,Canton Corporation's $1,000,000 of Bonds Were