Question 6 of 15 < > View Policies Current Attempt in Progress -/1 E Bonita Industries has $4090000 of 7% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2021, the holders of $1210000 bonds exercised the conversion privilege. On that date the market price of the bonds was 106 and the market price of the common stock was $37. The total unamortized bond premium at the date of conversion was $275000. Bonita should record, as a result of this conversion, a O credit of $88000 to Premium on Bonds Payable. loss of $12100. credit of $203500 to Paid-in Capital in Excess of Par. O credit of $177900 to Paid-in Capital in Excess of Par. Save for Later Attempts: 0 of 1 used Submit Answer