On July 1, 2017,CraneLtd. issued1,000convertible, five-year, $1,000 bonds. Each bond is convertible into20common shares at the bondholders option. On the date of issuance, the bonds conversion rights were valued at $52,000.

On July 1, 2020, the bonds had a carrying value onCranes books of $969,000, and the fair market value of the bonds without the convertible option was $973,000.

Assume all the bondholders voluntarily decided to convert their bonds to common shares on July 1, 2020.

Prepare the journal entry to record the conversion.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)