On January 1, 2018, when its $30 par value common stock was selling for $80 per share, a corporation issued $20 million of 10% convertible debentures due in 10 years. The conversion option allowed the holder of each $1,000 bond to convert it into five shares of the corporations $30 par value common stock. The debentures were issued for $21 million. At the time of issuance, the present value of the bond payments was $18.5 million, and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2019, the corporations $30 par value common stock was split 3 for 1. On January 1, 2020, when the corporations $10 par value common stock was selling for $90 per share, holders of 50% of the convertible debentures exercised their conversion options. The corporation uses the straight-line method for amortizing any bond discounts or premiums. Journal entries in 2020 would include: