On June $30,2020,$ an interest payment date, $$1030000$ of Sarasota Co$.$ bonds were converted into $26100$ shares of Sarasota Co$.$ common stock each having a par value of $$5$ and a market value of $$56.$ There is $$352700$ unamortized discount on the bonds. Using the book value method, Sarasota would record

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

a $$140420$ increase in paid$-$in capital in excess of par.

a $$546800$ increase in paid$-$in capital in excess of par.

a $$352700$ increase in paid$-$in capital in excess of par.