Fogel Co. has $5,000,000 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, 2012, the holders of $1,600,000 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 $350,000. Fogel should record , as a result of this conversion, a A credit of 272,00 to paid in capital excess of par b credit of 240,00 to paid in capital in excess of par c credit of 112,00 to premium on bonds payable d loss of 16,000