--- retirement by stock conversion LO P4 On January 1 the $2,550,000 par value bonds of Spitz Company with a carrying value of $2,550,000 are converted to 850,000 shares of $1 par value common stock Record the entry for the conversion of the bonds. View transactions Journal entry worksheet 1 > Record the retirement of bonds by stock conversion Note: Enter debitore credits Date General Journal Jan 01 Cash Monds payable Debit Credit 2,550,000 2550000 Record entry Clear entry View general Journal