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Question 2 3.5 pt Owl Co. issued $1,000,000 of convertible bonds at 104. When bondholders decided to exercise their convertible feature, the Premium on Bond

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Question 2 3.5 pt 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 $1,040,000 $1,027,000 $1,010,000

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