On January 1, $300,000 of par value bonds with a carrying value of $310,000 is converted to 50,000 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except:
1. a. Debit to Bonds Payable $310,000.
2. b. Debit to Premium on Bonds Payable $10,000.
3. c. Credit to Common Stock $250,000.
4. d. Credit to Paid-In Capital in Excess of Par Value, Common Stock $60,000.
5. e. Debit to Bonds Payable $300,000.