Fogel Co$.$ has $$4,000,000$ of $8\%$ convertible bonds outstanding. Each $$1,000$ bond is convertible into $30$ shares of $$30$ par value common stock. The bonds pay interest on January $31$ and July $31.$ On July $31,2021,$ the holders of $$1,280,000$ bonds exercised the conversion privilege. On that date the market price of the bonds was $105$ and the market price of the common stock was $$36.$ The total unamortized bond premium at the date of conversion was $$280,000.$ Fogel should record, as a result of this conversion, a

Group of answer choices

loss of $$12,800$

credit of $$89,600$ to Premium on Bonds Payable

credit of $$217,600$ to Paid$-$in Capital in Excess of Par

credit of $$192,000$ to Paid$-$In Capital in Excess of Par