Question 8 Cruise, Inc. has $340,000 convertible bonds outstanding on January 1. The bonds were issued at par value. The bonds are to be converted to the corporation's common stock. The bondholders will receive 90,000 shares no par common stock at the time of conversion. Prepare the journal entry Cruise, Inc. will record in its accounting records on the January 1 conversion date. Date Description Debit Credit 01/01 to record the conversion of bonds. Submit All Parts