Owl Co. issued $1,000,000 of convertible bonds at 104. When bondholders decided to exercise their convertible feature, the Premium on Bond Payable account balance was $27,000, and the market value of the Owl common stock that the bondholders received was $1,010,000. Owl should record the conversion at what value? O $1,000,000 O $1.040,000 O $1,027,000 O $1,010,000