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773 al 11:03 Price Corporation has outstanding 2,000, $1,000 bonds, each convertible into 50 shares of $15 par value common stock. the unamortized discount is $20,000 and the market price of the stock is $21 per share. Price wanted to reduce its annual interest cost and agreed to pay the bondholders $50,000 to convert. Prepare the entry to record the conversion of the bonds. Select one: a. Debit-Bonds Payable $2,000,000; Debt Conversion Expense $50,000 Credit-Discount on BP 20,000; Common Stock 1,500,000; PIC- Common Stock $480,000; Cash $50,000 b. Debit-Bonds Payable $2,000,000; Commission Expense $50,000 Credit-Discount on BP 20,000; Common Stock 1,500,000; PIC- Common Stock $480,000; Cash $50,000 c. Debit-Bonds Payable $2,000,000; Deferred Bond Issue Expense $50,000 Credit- Discount on BP 20,000; Common Stock 1,500,000; PIC- Common Stock $480,000; Cash $50,000 d. Debit-Bonds Payable $2,000,000 Credit- Discount on BP 20,000; Common Stock 1,500,000; PIC- Common Stock $480,000