Closed Tech Ltd. issued convertible bonds on 1 July 20X8. The 15-year, 5% $14,000,000 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 $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 $12,628,000. They were, in fact, issued for $14,500,000. 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 account field. Round time value factor to 3 decimal places.) View transaction list Journal entry worksheet