Oriole Company has bonds payable outstanding in the amount of $590,000, and the Premium on Bonds Payable account has a balance of $6,800. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are corverted into preferred stock. Assuming that the book value method was used, what entry would be made? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent mancially. If no entry is required, select " No Entry" for the account titles and enter 0 for the amounts.)