Refer to BE16-12 but assume that the instruments are convertible bonds and that they have now been converted. Assume that Bantry Capital Ltd. follows ASPE, and that all of the proceeds were allocated to the debt component upon initial recognition. At the time of conversion, the unamortized bond premium was $10,000, and the common
shares had a fair value of $50 per share. Record the conversion using the book value method.