On January 1, 2023, Lue Corp., issues $8,000,000 of 8% bonds. Proceeds from the issuance were $8,600,000. Interest is payable every July 1 and January 1 , and each $1,000 bond is convertible into 8 shares of Lue's $13.00 per share par value common stock. The bonds mature on January 1 , 2033, and Lue amortizes bond discounts and premiums on a straight line basis. On January 1, 2026, immediately after interest is paid, 40% of the bonds are converted into common stock. The entry to record this will include a credit to Paid-in Capital in Excess of Par Common of