ABC Ltd., a private held corporation that follows ASPE has a $1,000,000 face value convertible bond issue outstanding, the carrying amount of which is $975,000. Since interest rates have fallen since the bond was issued, the fair value of the bond is now $985,000. ABC wishes to reduce its interest costs, and offers the bondholders a sweetener of $15,000 over fair value as an induced conversion. ABC Ltd. applies the residual value method when accounting for convertible debt. What will ABC record as a loss as a result of this induced conversion? Select answer from the options below $5,000 Nothing $10,000 $15,000