Ayayai Corporation sold 160 convertible, 10-year bonds at par for $160,000. Each bond pays 4% annual interest and each bond can be converted to ten common shares at the bondholders request. When the bonds were issued common shares were trading for $14 per share. The market rate of interest for similar bonds without conversion rights was 6%. Prepare the journal entry to record the issuance of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)