BE14-23 (similar to) Question Help Liam Equipment Company issued 350 of 8-year, 11% convertible bonds for $381,200. Each bond had a par value of $1,000. Each $1,000 bond converts into eight shares of $1 par value common stock at the option of the bondholder beginning 2 years after the date of issue. The market price of the common stock on the commitment date was equal to $100 per share, and the market rate of interest was 11% at issuance. Prepare the journal entry to record the bond conversion assuming that the balance of the unamortized premium on the date of conversion is $18,900. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Date of Conversion