Barone Corporation issues 3,000 convertible bonds at January 1, 2021. The bonds have a three year life and are issued at par with a face value of 1,000 per bond, giving total proceeds of 3,000,000. Interest is payable annually at 6 percent. Each bond is convertible into 250 ordinary shares (par value of 1). When the bonds are issued, the market rate of interest for similar debt without the conversion option is 8%. Prepare the journal entry to record the conversion on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit