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mon or 10, 20 year convertible bonds at a net price of $65.9 million Madison recently Issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount. The bonds pay Interest on June 30 and December 31 Each $1,000 bond is convertble Into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method On June 1, 2023, Madison notified bondholders of its intent to call the bonds at face value plus a call premium on July 1, 2023. By June 30 all bondholders had chosen to convert thelr bonds into shares us of the Interest payment date On June 30, Madison paid the semiannual interest and issued the requisite number of shares for the bonds being converted. In this question, combine the discount on the bonds with the face amount and record the net amount as bonds payable. This is the net method." When the net method is used, the discount for premium) is amortized directly to the bonds payable account Required: Assume that Madison Products prepares its financial statements according to International Financial Reporting Standards using the net method. 1.8 2. Prepare the journal entries for the issuance of the bonds by Madison and interest payment for the June 30, 2021 3. Prepare the journal entries for the June 30, 2023. Interest payment by Madison and the conversion of the bonds book value method) Complete this question by entering your answers in the tabs below. f 1 and 2 R3 Prepare the journal entries for the issuance of the bonds by Madison and interest payment for the June 30, 2021 (If no entry is required for a transaction event, select "No soumal entry required in the first account field. Enter your answers in whole dollars.) Vww racional Journal entry worksheet 2 > Record the cance of the bands by Madison et bare General Journal Data January 01, 2021 Debit Credit Macart Chery ver On January 1, 2021, Madison Products Issued $65 million of 10%, 20 year converuble bonds at a net price of $65.9 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay Interest on June 30 and December 31 Each $1.000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method. On June 1, 2023, Madison notified bondholders of te Intent to call the bonds at face value plus a 1% call premium on July 1 2023. By June 30 all bondholders had chosen to convert their bonds into shares as of the Interest payment date. On June 30, Madison paid the semiannual interest and scued the requisite number of shares for the bonds being converted. In this question, combine the discount on the bonds with the face amount, and record the net amount as bonds payable. This is the "net method." When the net method is used the discount for premium) is amortized directly to the bonds payable account Required: Assume that Madison Products prepares its financial statements according to International Financial Reporting Standards using the net 1. & 2. Prepare the journal entries for the issuance of the bonds by Madison and Interest payment for the June 30, 2021 3. Prepare the journal entries for the June 30, 2023. Interest payment by Madison and the conversion of the bonds book value method) method Complete this question by entering your answers in the tabs below. Reg 1 and 2 Re43 Prepare the journal entries for the issuance of the bonds by Madison and interest payment for the June 30, 2021. (if no entry required for a transaction event, select "No jouma entry required in the first account field. Enter your answers in whole dollars.) Vw chant Journal entry worksheet