$1.$ On January $1,20$X$1$ Forest Canopies Corporation issued $$1,000,000$ of $15-$year, $12\%$ convertiblebonds at $110.$ Interest is to be paid semiannually on June $30$ and December $31.$ Bond premiumis amortized on a straight$-$line basis.Each $$1,000$ bond can be converted into four shares of Forest Canopies $$5$ par value commonstock after December $31,20$X$1.$ On January $1,20$X$2,$ $$400,000$ of the bonds are converted intocommon stock, which is then selling at $$300.$Make the necessary journal entries for $20$X$1$ and $20$X$2.($hint: T accounts for Bonds Payable and Premium on BP might be really helpful$)$