Dadayeva Inc. has $$5$ million of $6\%$ convertible bonds outstanding. Each $$1,000$ bond is convertible into $50$ no par value common

shares. The bonds pay interest on January $31$ and July $31.$ On July $31,2023,$ the holders of $$1,250,000$ of these bonds exercised the

conversion privilege. On that date, the market price of the bonds was $110,$ the market price of the common shares was $$40,$ the

carrying value of the common shares was $$20,$ and the Contributed Surplus$-$Conversion Rights account balance was $$700,000.$ The

total unamortized bond premium at the date of conversion was $$362,990.$ The remaining bonds were never converted and were

retired when they reached the maturity date. Assume that the company follows IFRS.

$$ Your answer is partially correct.

Assuming that the book value method was used, record the conversion of the $$1,250,000$ of bonds on July $31,2023.($Credit

account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,

select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$