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Instructions X On July 1, 2020, Tuttle Company had bonds payable outstanding with a face value of $100,000 and a book value of $93,000. The interest on these bonds was paid on June 30. When these bonds were issued, each $1,000 bond was convertible into 25 shares of $10 par common stock. To induce conversion, on June 15, 2020, the terms were changed so that each bond was convertible into 28 shares of common stock if the conversion was made within 30 days. All the bonds were converted on July 1, 2020, when the market price of the common stock was $42 per share. Required: Next Level Using the book value method, record the conversion of the bonds on July 1, 2020.X Chart of Accounts ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 198 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIE 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 250 Unearned Revenue 543 Bond Conversion Expense 255 Bonds Payable 559 Miscellaneous Expenses 257 Discount on Bonds Payable 910 Income Tax Expense 261 Income Taxes Payable EQUITY 311 Common Stock 315 Additional Paid-In Capital 331 Retained EarningsGeneral Journal Using the book value method, record the conversion of the bonds on July 1, 2020. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT N