On 10/1 11% convertible bonds at 103. is into fifteen (15) common shares of Backstop Corporation $50 par value common stoo $450,000 of bonds is converted into common stock, which is then selling at $72. Bond discount/premium is amortized on a straight-line basis 3,Interest is paid annually on 9/30. Each $1,000 bond can be converted k. On 10/1/20, /16. Backstop Corporation issued $1,500,000 (1,500 bonds @ $1,000 face value)of 10-year, Required: Prepare the 10/1/20 journal entry for conversion of bonds using the book value method