On January 1, $309, 600 of par value bonds with a carrying value of $322,000 is converted to 51, 600 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except Debit to Bonds Payable $322,000 Debt to Premium on Bonds Payable $12, 400 Credit to Common Stock $258,000. credit to Paid-In capital in Excess of Par value, common stock $64,000