Hungry Hippo, Inc. called its convertible debt in 2020. The 10% $1,000,000 par value bonds were converted into 110,000 shares of $1 par value common stock on July 1, 2020. On July 1, there was $60,000 of unamortized discount applicable to the bonds, and the company paid an additional $55,000 to the bondholders to induce conversion of all the bonds. Using the book value method, Hungry Hippo, Inc. would record the following journal entry at the time of conversion: General Journal Debit Credit