Exercise 16-12 (Part Level Submission) Sandhill Inc. has $4 million of 9% convertible bonds outstanding. Each $1,000 bond is convertible into 40 no par value common shares. The bonds pay interest on January 31 and July 31. On July 31, 2017, the holders of $1,200,000 of these bonds exercised the conversion privilege. On that date, the market price of the bonds was 114, the market price of the common shares was $30, the carrying value of the common shares was $15, and the Contributed Surplus Conversion Rights account balance was $469,000. The total unamortized bond premium at the date of conversion was $195,000. The remaining bonds were never converted and were retired when they reached the maturity date. Assume that the company follows IFRS Assuming that the book value method wasiused, record the conversion of the $1,200,000 of bonds on July 31, 2017. (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 o for the amounts.) Date Account Titles and Explanation DebitCredit July 31, 2017 SHOW LIST OF ACCOUNTS