On january $1,2024,$ concord issued $10-$year, $$140,000$ face value, $6\%$ bonds at par. Each $$1,000$ bond is convertible into $30$ shares of concord $$2$ par value common stock. The company has had $10,000$ shares of common stock $($and no preferred stock$)$ outstanding throughout its life. None of the bonds have been converted as of the end of $2025.($Ignore all tax effects$).$ Assume that $75\%$ of the holders of concord's convertible bonds convert their bonds to stock on june $30,2026,$when concord's stock is trading at $$32$ per share. Concord pays $$50$ per bond to induce bondholders to convert. Prepare the journal entry to record the conversion