Fayuz Ltd. issued $300,000,12%,10-year bonds on July 1,2020 . Interest payments dates are January 2 and July 1. The issue price was $293,400. The bonds are convertible into common shares at the rate of 15 common shares for each $1,000 bond. The market price of Fayuz Ltd. common shares has risen steadily over the last two years and on July 1,2022 , half of the bonds are converted into common shares. a) Compute the balance in the premium or discount account on date of conversion. Fayuz Ltd. uses the straight-line method of amortization. b) Prepare the entry to convert half of the bonds into common shares