58. On 1 November 2022 Sandy Ltd issued 10000 convertible notes with the following features: Face value $1000 Term Four years Issue price At face value Interest Coupon rate of 10 per cent payable annually in arrears Conversion option Each note is convertible into 100 ordinary shares Market interest rate 12 per cent for similar debt with no conversion option (3) Prepare the journal entry to record the issue of the convertible notes. (b) Describe the effect. if any, of the issue of the convertible notes on each of the three components of the statement of nancial position. that is. assets, liabilities and equity. LO 14.7, 14.14