Justin company has been engaged to examine the financial statements of Gloria Company for the years ended in December 31, 2022 and December 31, 2021. Justin have been assigned to review the liabilities and shareholders' equity balances. Justin have learned that on January 1, 2020, Gloria Company issued a five-year, 8% bonds 5,000,000. Each 1,000 bond is convertible into 8 shares of 100 par value ordinary share of Gloria Company, at the option of the bondholder. Interest on the bonds is payable annually on December 31. Without the conversion feature, the bonds would have sold to yield 10% to the holders. (Round present value factors to four decimal places)