Sunland Corporation has outstanding $2,200$ of $$1,000$ bonds, each convertible into $50$ shares of $$10$ par value common stock. The bonds are converted on December $31,2025,$ when the unamortized discount is $$34,400$ and the market price of the stock is $$21$ per share.

Record the conversion using the book value approach. $($List all debit entries before credit entries. Credit account titles are automatically