Vaughn Manufacturing has $3890000 of 7% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2021, the holders of $1280000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $37. The total unamortized bond premium at the date of conversion was $288000. Vaughn should record, as a result of this conversion, a credit of $197440 to Paid-in Capital in Excess of Par. loss of $12800. credit of $92160 to Premium on Bonds Payable. credit of $223040 to Paid-in Capital in Excess of Par.