Apprentice Corporation issued a series of convertible bonds on January 1, 2021. The bonds are dated January 1, 2021, and mature on December 31, 2030. The bonds pay interest on an annual basis, on December 31 of each year. The terms of the contract state that the bonds could be converted to common shares on any date prior to their maturity. Some of the bonds were converted to common shares on December 31, 2022. Other information about the convertible instruments follows:

Face value of the bonds $ 2,242,800

Issuance price of the bonds 102

Coupon rate of the bonds 8%

Effective rate of interest for the bonds 9%

Number of common shares received per $1,000 bond redeemed 8

Percentage of bonds converted to common shares on December 31, 2022 : 31%

Apprentice Corporation follows IFRS, uses the effective interest method to account for any bond premiums or discounts, and has a year end of December 31.

1. Prepare the journal entry for Apprentice Corporation for the issuance of the bonds on January 1, 2021.

2. Prepare an amortization schedule for Apprentice Corporation for the first 2 years of the bond term.

3. Prepare the journal entry for Apprentice Corporation for the conversion of the bonds on December 31, 2022.

4. Assume that Apprentice Corporation follows ASPE instead of IFRS. Name the options Apprentice has for accounting for the convertible bonds on the date of issuance, and provide the journal entry required for each option.