Closed Tech Ltd, Issued convertible bonds on 1 July 20X8. The 15-year, 4% $11,250,000 bonds pay interest semi-annually each 30 June and 31 December. At the investor's option, each $1,000 bond is convertible into 50 common shares on the bond's maturity date. evol$1 PVA OL$1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Bond market analysts indicated that if the bonds had not been convertible, they would likely have sold to yield 6%, and have raised $9,045,000. They were, in fact, issued for $11,750,000. Required: 1. Provide the journal entry to record the initial issuance of the bond. (If no entry is required for a transaction/event, select "No journal entry required" in the first eccount field. Round time value factor to 3 decimal places.) Journal entry worksheet Record the entry for issuance of bonds Ne Enter bit before creats Transaction General Journal Debit Credit