On July 1, 2020, Lifetone, Inc. has convertible bonds outstanding with a face value of $8,000,000 and a book value of $7,890,000. Each $1,000 bond is convertible to 15 shares of $6 par value common stock. If all of these bonds are converted to common stock on July 1, 2020, how much would Lifetone credit to the Common Stock account in recording the conversion