1: On January 1, 2020, Booker Corp. issued $5 million of ten year bonds at 97.5 (Booker amortizes any premium/discount on a straight line basis). Each $1,000 bond is convertible into 50 shares of Booker's $4.00 par value common stock.
On January 1, 2022, holders of 40% of the bonds exercised the privilege, and converted their bonds into Booker common stock. The journal entry to record the conversion will include a credit to "Paid in Capital in Excess of Par - Common" of ?