On January 1, 2019, Culver issued 10-year, $300,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Culver $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 2020. (Ignore all tax effects.) (c) Assume that 75% of the holders of Culver's convertible bonds convert their bonds to stock on June 30, 2021, when Culver's stock is trading at $32 per share. Culver pays $50 per bond to induce bondholders to convert. Prepare the journal entry to record the conversion. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Date Jun. 30. 2021