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Johannesburg Corp.has two issues of securities outstanding: no par value common shares and 8% convertible bonds with a par value of $8,000,000.Bond interest payment dates are June 30 and December 31.The conversion clause in the bond indenture entitles the bondholders to receive 40 common shares in exchange for each $1,000 bond.The value of the equity portion of the bond issue is $60,000.On June 30, 2017, the holders of $1,200,000 par value bonds exercise the conversion privilege.The market price of the bonds on that date is $1,100 per bond and the market price of the common shares is $35.The total unamortized bond discount at the date of conversion is $500,000.In applying the book value method, what amount should Johannesburg credit to Common Shares as a result of this conversion?
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