Current Attempt in Progress Martinez Corporation sold 30-year, 6% convertible bonds with face value $940,000. The bonds pay interest January 1 each year. Martinez follows ASPE. Each bond was convertible into 150 Martinez common shares. The sale resulted in a value for the convertible option of $211,646. On January 2, 2021, Martinez offered a cash payment of $24,930 to the bondholders if they would convert their bonds into common shares. All of the bondholders agreed to convert their bonds to common shares. At the time, the market value of the bonds was $759,460 and the carrying value on Martinez's books was $742,060. Prepare the journal entry to record the conversion of the bonds to common shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit