If bonds with a face value of $128000 are converted into common stock when the carrying value of the bonds is $121000, the entry to record the conversion will include a debit to Bonds Payable for $128000. Bonds Payable equal to the market price of the bonds on the date of conversion. Bonds Payable for $121000. Discount on Bonds Payable for $7000. Click If you would like to Show Work for this question: Open Show Work