Concord Corporation has $3850000 of 7% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31 . On July 31,2021 , the holders of $1280000 bonds exercised the conversion privilege. On that date the market price of the bonds was 106 and the market price of the common stock was $37. The total unamortized bond premium at the date of conversion was $272000. Concord should record, as a result of this conversion, a loss of $12800. credit of $87040 to Premium on Bonds Payable. credit of $217760 to Paid-in Capital in Excess of Par. credit of $192160 to Paid-in Capital in Excess of Par