Exercise 16-3 Culver Company has bonds payable outstanding in the amount of $420,000, and the Premium on Bonds Payable account has a balance of $8,600 Each $1,000 band is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock Assuming that the book value method was used, what entry would be made? (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 Question Attempts: 0 of 3 used SUBMIT ANSWER SAVE FOR LATER