Sheridan Corporation had two issues of securities outstanding common shares and a convertible bond issue in the face amount of million Interest payment dates of the bonds are June 30 and December 31. The conversion cause in the bond indenture entities the bondholders to receive 30 ne par valore common shares in exchange for each $1,000 bond. The valor of the water of the hond is $53,000. On June 30, 2020, the holders of $2.40 million of the face value bonds exercised the conversion privilege. The market price of the hands on that date was 51,250 per bond and the market prices of the common shares was $49. The total amortized bond discount at the date of conversion was $520,000 Prepare the entry to record the exercise of the conversion option, using the book value method. Assume the company follows ir S. (Cred accounts are automatically indented when this entered. Do not indent manually ) Account Tities and Explanat Debit Credit SHOW LETS ACCOUNTS