Precision Company has $80,000, 8%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay annual interest on December 31 of each year. The bonds are convertible into 30 shares of Precision $7 par value common stock for each $1,000 worth of bonds. On December 31, 2017, after the bond interest has been paid, $20,000 face value bonds were converted. Instructions: Journalize the above transaction in the below space

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