Cullumber Capital Ltd. issued 900 $1,000 bonds at 105. Each bond was issued with 10 detachable stock warrants. After issuance, similar bonds were sold at 99, and the warrants had a fair value of $3.00. Assume that Cullumber Capital Ltd. follows IFRS and recorded the issuance of the bonds and warrants accordingly. On a date when the bonds had a carrying value of $485,100, Bantry paid $13,200 to the bondholders to induce early conversion. Record the conversion using the book value method.