On August 1, 2023, ABC Corporation called its 10% convertible bonds for conversion. The $6,000,000 par value bonds were converted into 160,000 no par common shares. On August 1, there was $250,000 of unamortized premium applicable to the bonds. At the time of issuance, Contributed Surplus-Conversion Rights was credited for $150,000, which represented the equity portion of the convertible bonds, and the market value of the common shares was $20 per share. The company records the conversion using the book value method.