Thirty $1,000 bonds with a carrying value of $39,600 are converted into 4,000 shares of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. The entry to record the conversion is (C15LO2) Select one: a. Debit Bonds Payable for $30,000, Debit Premium on Bonds Payable for $ 9,600, Credit Common Stock for $30,000, and Credit Paid-in Capital in Excess of Par for $ 9,600 b. Debit Bonds Payable for $30,000, Debit Premium on Bonds Payable for $ 9,600, Credit Common Stock for $20,000, and Credit Paid-in Capital in Excess of Par for $ 19,600 c. Debit Bonds Payable for $39,600, Credit Common Stock for $20,000, and Credit Paid-in Capital in Excess of Par for $19,600 d. Debit Bonds Payable for $39,600, Credit Common Stock for $36,000, and Credit Paid-in Capital in Excess of Par for $3,6000 page Next page