Current Attempt in Progress Crane Company has $3800000 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 $1200000 bonds exercised the conversion privilege. On that date the market price of the bonds was 104 and the market price of the common stock was $35. The total unamortized bond premium at the date of conversion was $270000. Crane should record, as a result of this conversion, a M O credit of $206400 to Paid-in Capital in Excess of Par. O credit of $86400 to Premium on Bonds Payable. O credit of $180800 to Paid-in Capital in Excess of Par. loss of $12000 V