Closed Tech Ltd. issued convertible bonds on 1 July 20X8. The 15-year, 4% $12,750,000 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 (PV of $1. PVA of 51, and PVAD of 51.) (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 $10,251,000. They were, in fact, issued for $13,250,000. Required: 1. Provide the journal entry to record the initial issuance of the bond. (If no entry is required for a transection/event, select "No journal entry required" in the first account field. Round time value factor to 3 decimal places.) View transaction list Journal entry worksheet Record the entry for issuance of bonds. Ente debits before credits. action General Journal Debit Credit < Prev 2 of 14 Next >