Crane Corporation has outstanding 2, 200 $1,000 bonds, each convertible into 40 shares of $10 par value common stock. The bonds are converted on December 31, 2017, when the unamortized discount is $38, 800 and the market price of the stock is $21 per share. Record the conversion using the book value approach. (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 0 for the amounts.)