Please show all supporting computations. Points will be deducted if you do not show your work. 1. Litke Corporation issued at a premium of $10,000 a $200,000 bond issue convertible into 4,000 shares of common stock (par value $20). On October 1, 2020 all of the bonds were converted to shares of common stock. At the time of the conversion, $4,000 of the premium has been amortized, the market value of the bonds is $220,000, and the stock is quoted on the market at $60 per share. Prepare the journal entry to rec- ord the conversion. (1 point) Date Account Titles Debit Credit 2. In 2019, Elkland, Inc., issued for S103 per share, 90.000 shares of S100 par value convertible, noncumula- tive preferred stock. One share of preferred stock can be converted into two shares of Elkland's S25 par value common stock at the option of the preferred stockholder. On Auszust 1, 2020, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $35 per share. Prepare the journal entry to record the conversion. (1 point) Date Account Titles Debit Credit