On June $30,2023,$ Blair Industries had $$80$ million of convertible bonds with

unamortized balance in the discount of $$4$ million. The bonds are

convertible into $6$ million shares of $$10$ par common stock. On June $30,$

$2023,$ half of the bonds were voluntarily converted when the common stock

market price per share was $$15.$

$*$What was the motivation of the bondholders to convert their bonds to

common shares on June $30,2023?$

$*$Make the entry to record the conversion.