if the sixty 1,000 convertible bond carrying value of 70,000 are converted into 9,000 shares of 5$ par vale common stock, the journal entry to record the conversion is

17. If sixty $1,000 convertible bonds with a carrying value of $70,000 are converted into 9,000 shares of $5 par value common stock, the journal entry to record the conversion is a. Bonds Payable 70,000 Common Stock 70,000 b. Bonds Payable. 60,000 Premium on Bonds Payable 10,000 Common Stock 70,000 c. Bonds Payable 60,000 Premium on Bonds Payable. . 10,000 Common Stock 45,000 Paid-in Capital in Excess of Par 25,000 d. Bonds Payable 70,000 Discount on Bonds Payable Common Stock Paid-in Capital in Excess of Par 10,000 45,000 15,000 18. If the market interest rate is greater than the contractual interest rate, bonds will sell a. at a premium. b. at face value c. at a discount. d. only after the stated interest rate is increased