IFRS 16-11 Sheridan Corporation issues 1,500 convertible bonds at January 1, 2016. The bonds have a 3-year life, and are issued at par with a face value of $1,000 per bond, giving total proceeds of $1,500,000. Interest is payable annually at 6%. Each bond is convertible into 250 ordinary shares (par value of $1). When the bonds are issued, the market rate of interest for similar debt without the conversion option is 7%. Compute the liability and equity component of the convertible bond on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Liability Component $ Equity Component $ Prepare the journal entry to record the issuance of the convertible bond on January 1, 2016. (Round answers to 0 decimal places, e.g. 5,725. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2016Prepare the journal entry to record the repurchase of the convertible bond for cash at January 1, 2019, its maturity date. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2019