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Record the following bond transaction: Zotar Company has bonds payable outstanding in the amount of $5,600,000, and the Premium on Bonds Payable account has a

Record the following bond transaction:

Zotar Company has bonds payable outstanding in the amount of $5,600,000, and the Premium on Bonds Payable account has a balance of $150,000. Each $1,000 bond is convertible into 10 shares of common stock with a par value of $1 per share. All bonds are converted into common stock.

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