At the beginning of the year, the company issued $500,000 10-year bonds at par. The holder of the bonds can convert $10,000 in bonds into cash based on the performance of the company. Specifically, each $10,000 bond can be converted into cash at the rate of 10% of net income. Draft financial statements reveal net income of $250,000.

Show all the calculations and the value of the bond that will be shown in the financial statements. Show the measurement of the bond under ASPE and IFRS.

Note: show the proper calculations and answer all the required questions properly.