In 2009, Megacorpissued convertible bonds totalling $3,000,000 to open a restaurant. Those bonds were issued at $2,840,000 and pay interest at 9%. The conversion feature allows for the conversion of each bond into 100 shares of the companys common stock. At the time of issuance, the market value of the common stock was $8 per share. The 12/31/10 market value of the common stock is $18 per share. The average price of the common stock during the year was $16. The bonds have been correctly accounting for up through 2020 except for the conversion of 500 of the bonds that occurred in 2020. Megacorpuses the market value method for reporting conversions. Prepare any relevant journal entries for Megacorp.