Current Attempt in Progress

On July $1,2025,$ an interest payment date, $\backslash (\backslash$$ $156000\backslash )$ of Cullumber Co$.$ bonds were converted into $3100$ shares of Cullumber Co$.$ common stock, each having a par value of $\backslash (\backslash$$ $45\backslash )$ and a market value of $\backslash (\backslash$$ $56\backslash ).$ There is $\backslash (\backslash$$ $5700\backslash )$ of unamortized discount on the bonds. If the book value method is used, Cullumber would record

a $\backslash$$$10800$ increase in paid$-$in capital in excess of par.

an $\backslash (\backslash$$ $23300\backslash )$ increase in paid$-$in capital in excess of par.

a $\backslash (\backslash$$ $17600\backslash )$ increase in paid$-$in capital in excess of par.

no change in paid$-$in capital in excess of par.