Seville Products Ltd. reported the following at September 30, 2017:

Required
1. Record the retirement of one-half of the bonds on October 1, 2017, at the call price of 103.00.
2. Record the conversion of one-fourth (of the original $1,600,000) of the bonds into 20,000 common shares of Seville Products Ltd. on October 1, 2017.

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Long-term liabilities Convertible bonds payable, 9%, due September 30, 2023 Discount on bonds pavable $1,600,000 60,000 $1,540,000