Brief Exercise 16-11 On January 1, 2020, Crane Ltd. issued 970 5-year, 11% convertible bonds at par of $1,000, with interest payable each December 31. Each bond is convertible into 100 common shares, and the current fair value of each common share is $6. Similar straight bonds carry an interest rate of 13%. Calculate the PV of the debt component by itself. Calculate using any of the following methods: (1) factor tables, (2) a financial calculator, or (3) Excel function PV. How should Crane record the issuance if it follows IFRS? Use the amount you arrived at in part (a) using a financial calculator or Excel. How should Crane record the issuance if it follows ASPE?