Inc issued $4,000,000, 5-year, 8% convertible bonds at par. The bonds pay interest annually. Each $1,000 bond is convertible to 20 of the company's common shares, which are currently trading at $25 each. The current market rate for similar non-convertible bonds is 10%. Assuming the company follows IFRS, the value to be recorded in Bonds Payable when the bonds are issued is:

(a)	$3,691,131
(b)	$3,696,737
(c)	$4,319,417
(d)	$4,000,000