MC Qu. 161 On January 1..

On January 1, $405,600 of par value bonds with a carrying value of $442,000 is converted to 67,600 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except:

Multiple Choice:

Debit to Bonds Payable $442,000.

Debit to Premium on Bonds Payable $36,400.

Credit to Common Stock $338,000.

Credit to Paid-In Capital in Excess of Par Value, Common Stock $104,000.

Debit to Bonds Payable $405,600.