Naft Corporation has outstanding 4,000 shares of \(7 \%, \$ 100\) par value, preferred stock that is convertible into the corporation's no-par common stock at the rate of one share of preferred for six shares of common. The preferred stock was issued at a premium of \(\$ 10\) per share. All shares are presented for conversion.

Piper Corporation has outstanding \(\$ 20\) million of \(9 \%, 20\)-year bonds on which there is \(\$ 350,000\) of unamortized bond premium. The bonds are convertible into the corporation's \(\$ 1\) par value common stock at the rate of one \(\$ 1,000\) bond for 200 shares of the stock, and \(\$ 1\) million of the bonds are presented for conversion.

Present entries dated June 10 to record the conversions on the books of the two corporations.