Using book value method-record the conversion

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Using the book value method, record the conversion of \$9 million of bonds into common stock with a \$10 par value if the conversion occurred when the market price of the common was \$24 per share, and total convertible debt outstanding amounted to \$36 million with a carrying value of \$34 million. Assume each \$1,000 bond can be converted into 20 shares of stock.

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