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? Question 25 4 pts Penny Company sold 20-year bonds on the issue date with a face value of $5,000,000. The bonds pay interest semiannually, and the stated rate is 8%. The market rate on the issue date was 7%. Calculate the selling price of the bonds, rounded to the nearest dollar