Bayside Inc. prepares its financial statements in accordance with IFRS. On January 1,2023 , the company issued $30.0 million, 7%, six-year convertible bonds that pay interest semi-annually on June 30 and December 31. At the option of the bondholder, and at any time before maturity, each $1,000 bond was convertible into 40 of Bayside Inc.'s common shares. Bayside raised $30.6 million from the sale of the bonds. At the time of the sale, the market rate of interest for similar bonds without the conversion feature was 8%. On January 1, 2025, $12.0 million of the bonds were converted. The market price of Bayside Inc.'s common shares at the time of conversion was $35 per share. Required Requirement a. Prepare the journal entry to record the issuance of convertible bonds. (Prepare all entries on the company's books. Record debits first, then credits. Explanations are not required. Enter all amounts in dollars and not in millions. Round amounts to the nearest dollar.)