After interest was paid on September 30, 1999, ($ 60,000) face value of Miami Video Rentals, Inc.,

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After interest was paid on September 30, 1999, $\$ 60,000$ face value of Miami Video Rentals, Inc., outstanding bonds were converted into 8,000 shares of the company's $\$ 5$ par value common stock. Prepare the journal entry to record the conversion, assuming the bonds were issued at 100 .

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