For the questions $14-18,$ use the same information as below.

On January $1,2003,$ Martinez Corp. issued $$2,000,000$ of $10\%$ bonds which may be converted into total $10,000$ shares of $$5$ par value ordinary shares. The market interest rate of is $12\%.$ Interest is payable annually on December $31,$ and the bonds were issued at par. The maturity date is December $31,2007.$

How much of 'Bonds Payable' account should Martinez report at $12/31/2003$ on the $2003$ Balance sheet under U$.$S$.$ GAAP and IFRS respectively?

U$.$S$.$ GAAP

IFRS