Datatron, Inc., is a newly established telecommunication company which has been operating for just over five years. It seeks to provide telephone, data transmission, television and network services to users throughout the country. In order to become more competitive in its pricing and in providing service, it embarked on a plan to expand its operations by setting up additional transmission centres. On January 1, 2012, it issued 20-year, 8% convertible bonds with a par value of $15,000,000 paying interest semi-annually on June 30 and December 31. The market rate on the issue date was 12%. In order to make the bond issue more attractive to investors, the company also issued two warrants attached to each $1,000 bond. Each warrant entitled the holder to purchase one share of the company at $52.00 each and similar warrants were selling in the market at $18.00 each. The total issue price of the bonds, without either the warrants or conversion rights, was estimated to be $10,486,080. The bonds together with the warrants and conversion rights were issued at 80. On March 31, 2016, 20% of the warrant holders exercised their options. The bond holders could convert their bonds, at their option, into shares, three years after the issue date. The 15,000 bonds issued could be converted into 750,000 shares. On January 1, 2016, following the payment of the interest on December 31, 2015, 30 % of the bondholders submitted their bonds for conversion. Required:

Prepare journal entries, using IFRS, to record the transactions which occurred on the following dates:

1. January 1, 2012 to record the issue of the bonds.

2. January 1, 2016 to record the conversion of 30% of the bonds.

3. March 31, 2016 to record the exercise of warrant rights by 20% of the holders.