On Dec 31 2017, Best Footwear Ever has outstanding $500000 face amount, 9%, 20-year convertible bonds that pay interest semiannually. After semiannual amortization on Dec. 31, 2017, the remaining bond premium is $8000. On the first day of the next fiscal year (January 1, 2018), 50% (half) of the bonds are converted to 750 shares of $50 par value common stock. The market value of the shares issued is $250000. Prepare the necessary journal entry to record the conversion of the bonds.