On 10/1/18 backstop corporation issued $1,500,000 of 10-year, 11% convertible bonds at 103. interest is paid semiannually on 3/31 and 9/30. each $1,000 bond can be converted into fifteen common shares of backstop corporation $50 par value common stock. on 10/1/22, $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.

Required: Prepare the 10/1/22 journal entry for conversion of bonds using the book value method.