Hoffman Corporation issued $55 million of 8%, 10-year bonds at 102. Each of the 55,000 bonds was convertible into one share of $1 par common stock Prepare the journal entry to record the issuance of the bonds. (Enter your answers in millions rounded to 1 decimal place (ie.. 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete but not entirely correct. No Event General Journal Credit Debit 55.1 1 Cash 0.1% Premium on bonds payable Convertible bonds payable 55.0