On June 30,2024 , Blair Industries had outstanding

$86

million of

6%

convertible bonds that mature on June 30,2025 . Interest is payable each year on June 30 and December 31. The bonds are convertible into 7 million shares of

$10

par common stock. On June 30, 2024, the unamortized balance in the discount on bonds payable account was

$4

million. On June 30,2024 , half the bonds were converted when Blalr's common stock had a market price of

$33

per share. When recording the conversion, Blair should credit paid-In capital-excess of par:

On June 30,2024 , Blair Industries had outstanding $86 million of 6% convertible bonds that mature on June 30,2025 . Interest is payable each year on June 30 and December 31. The bonds are convertible into 7 million shares of $10 par common stock. On June 30,2024 , the unamortized balance in the discount on bonds payable account was $4 million. On June 30,2024 , half the bonds were converted when Blalr's common stock had a market price of $33 per share. When recording the conversion, Blair should credit paid-in capital-excess of par