Cheyenne Inc. has $3005000 (par value), 9% convertible bonds outstanding. Each $1000 bond is convertible into 30 no par value common shares. The bonds pay interest on January 31 and July 31 . On July 31, 2023, the holders of $901500 worth of bonds exercised the conversion privilege. On that date the market price of the bonds was 108 , the market price of the common shares was $34, the carrying value of the common shares was $17 and the Contributed Surplus-Conversion Rights account balance was $450750. The total unamortized bond premium at the date of conversion was $210600. Using the book value method, Cheyenne should record, as a result of this conversion, a gain of $17000. no gain or loss. a loss of $8500. other comprehensive income of $8500. Cheyenne Inc. has $3005000 (par value), 9% convertible bonds outstanding. Each $1000 bond is convertible into 30 no par value common shares. The bonds pay interest on January 31 and July 31 . On July 31, 2023, the holders of $901500 worth of bonds exercised the conversion privilege. On that date the market price of the bonds was 108 , the market price of the common shares was $34, the carrying value of the common shares was $17 and the Contributed Surplus-Conversion Rights account balance was $450750. The total unamortized bond premium at the date of conversion was $210600. Using the book value method, Cheyenne should record, as a result of this conversion, a gain of $17000. no gain or loss. a loss of $8500. other comprehensive income of $8500