Mae Jong Corp. issues 1,000 convertible bonds at the beginning of 2022. The bonds have a four-year term with a stated rate of interest of 6 percent and are issued at par with a face value of 1,000 per bond (the total proceeds received from issuance of the bonds are 1,000,000). Interest is payable annually at December 31. Each bond is convertible into 250 ordinary shares with a par value of 1. The market rate of interest on similar non-convertible debt is 9 percent. When Mae Jong records the issuance of these bonds, how much will it credit to Share PremiumConversion Equity? The following present value factors are available:

PV Ordinary Annuity 4 periods

6% 3.46511

9% 3.23972

PV of 1 4 periods

6% .79209

9% .70843