Special Assignment Bond Conversion Presented below is the amortization table for the Johnson Company's 25-year convertible bonds. Each $1,000 bond can be converted into 5 shares of the company's $15 par value common stock. At the end of the tenth year after the interest payment and amortization, the company offered to pay the bond holders $10 for each $1,000 bond converted to common stock. Thirty percent of the bond holders accepted the offer and converted their bonds. Required. Prepare the journal entry or entries to record the bond conversion and cash payment. Period Cash Interest Amortize Carry Value 0 10,450,000 1 1,000,000 995,085 4,915 10,445,085 2 1,000,000 994.617 5.383 10,439.701 3 1,000,000 994 104 5,896 10,433,805 4 1,000,000 993,543 6,457 10,427.348 S 1,000,000 992.928 7,072 10,420.276 6 1,000,000 992.254 7.746 10,412,530 7 1,000,000 991,517 8,483 10,404,047 B 1.000.000 990.709 9,291 10,394,756 9 1.000.000 989.824 10.176 10.384 580 10 1.000.000 988,855 11145 1077702 9 1,000,000 989.824 10,176 10,384,580 10 1,000,000 988,855 11,145 10,373,435 11 1,000,000 987,794 12,206 10,361,229 12 1,000,000 986,632 13,368 10,347,860 13 1,000,000 985,359 14,641 10,333,219 14 1,000,000 983,964 16,036 10,317,183 15 1,000,000 982,437 17.563 10,299,621 16 1,000,000 980.765 19.235 10.280,386 17 1,000,000 978,933 21,067 10,259.319 18 1,000,000 976,927 23,073 10,236,247 19 1.000.000 974,730 25,270 10,210.977 20 1,000,000 972,324 27,676 10.183,301 21 1,000,000 969.689 30.311 10.152.990 22 1,000,000 966,802 33,198 10,119,793 23 1,000,000 963,641 36,359 10,083,434 24 1,000,000 960.179 39,821 10,043,613 25 1.000.000 956,387 43,613 10,000,000