Question: Marshall Corporation has $ 36,000 of bonds outstanding with a carrying value of $ 44,400. The bonds are converted into 18,000 shares of $ 1

Marshall Corporation has $ 36,000 of bonds outstanding with a carrying value of $ 44,400. The bonds are converted into 18,000 shares of $ 1 par value common stock immediately after the last interest payment. The common stock had a market value of $ 5 per share on the date of conversion. The entry to record the conversion would include a credit to:

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