Next Questi 7 points Save Answer Laney Corporation had outstanding $8,000,000 10% convertible bonds. Each $1,000 bond is convertible into 40 shares of $20 par common stock On August 1, with $800,000 of unamortized premium remaining, 30% of the bonds were converted into common stock. Prepare the journal entry on August 1. Question 3 of 8 TTTT Paragraph Arial 3 (12pt) 111 IE. T