Concord Corporation has outstanding $2,300$ of $$1,000$ bonds, each convertible into $50$ shares of $$10$ par value common stock. The bonds are converted on December $31,2025,$ when the unamortized discount is $$36,400$ and the market price of the stock is $$21$ per share.

Record the conversion using the book value approach. $($List all debit entries before credit entries. 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

Bonds Payable

$2300000$

Discount on Bonds Payable

Paid$-$in Capital in Excess of Par $-$ Common Stock

Common Stock