answer what is required thankyou

Problem 6: On January 1, 2018, Hope Company Issued its 8%, 5 year convertible debt instrument with a face amount of Php 8,000,000 for Php 7,700,000. Interest is payable every December 31 of each year. The debt instrument is convertible into 50,000 ordinary shares with a par value of Php 100. When the debt instruments were issued, the prevailing market rate of interest for similar debt without conversion option is 10% On December 31, 2020, all the convertible debt instruments were retired for Php 8,000,000. The prevailing rate of interest on a similar debt instrument as of December 31, 2020 is 9% without the conversion option. Required: 7. On the date of retirement, what amount of the proceeds represents the equity component? Problem 6: On January 1, 2018, Hope Company Issued its 8%, 5 year convertible debt instrument with a face amount of Php 8,000,000 for Php 7,700,000. Interest is payable every December 31 of each year. The debt instrument is convertible into 50,000 ordinary shares with a par value of Php 100. When the debt instruments were issued, the prevailing market rate of interest for similar debt without conversion option is 10% On December 31, 2020, all the convertible debt instruments were retired for Php 8,000,000. The prevailing rate of interest on a similar debt instrument as of December 31, 2020 is 9% without the conversion option. Required: 7. On the date of retirement, what amount of the proceeds represents the equity component