Morgan Corporation has common stock outstanding and $16,000,000 of 8% convertible bonds. The bonds pay interest on June 30th and December 31st. The bond contract entitles the bondholders to receive 40 shares of $20 par value common stock in exchange for each $1,000 bond if they choose to convert their bonds. On June 30, 2018, the holders of only $2,400,000 face value bonds exercised the conversion privilege. The market price of the common stock on that date was $35. The unamortized bond discount at the date of conversion for all the bonds in total was $1,000,000. Question 35 3 pts What amount should Morgan credit to the "Common Stock" account as a result of this conversion? O $800 O $48,000 O $96,000 O $ 1,920,000 O $12,800,000 What amount should Morgan credit to the "Discount on Bonds Payable" account as a result of this conversion? O $1,000,000 O $2,400,000 O $192,000 O $150,000 Question 37 2pt What other account should be credited as a result of this conversion? O Gain on Conversion O Bonds Payable O Retained Earnings Cash O Additional Paid-in Capital