Hammermill 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.$

Required: Record the journal entry for the conversion