Tree Company has 80,000(par value),, 10% 12-year convertible bonds outstanding. These bonds were sold at face value and pay annual interest on December 31 of each year. Each $1,000 bonds is convertible into 40 shares of Tree $4 par value common stock. On December 31, 2017 after the bond interest has been paid, $30,000 par value of bonds(30 bonds) were converted.