Assume that the same $1,000,000 bond from Empresas

Assume that the same $1,000,000 bond from Empresas Buenapaga is convertible to 50,000 common stock value per $10. When the premium has an outstanding unretretized balance sheet of $75,000 bondholders decide to exercise the option to convert the bonds.

Required: 

Make the journal entry to record the conversion of the bond into common shares.