Mecca Energy Corp. Issued a convertible bond on 1 August 20X9. The 10-year, 5% $16,000,000 bond pays Interest semi-annually each 31 July and 31 January. At maturity, each $1,000 bond is convertible into 120 common shares. The bond was issued for $16,640,000. Market Interest rates were approximately 6%. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Provide the journal entry to record the Initial Issuance of the bond. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Round your time value to 5 decimal places and your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet > Record the entry for issuance of bonds. Note: Enter debits before credits. General Journal Debit 16,640,000 Credit Transaction 1 Cash Interest liability on bond Share equity bond Record entry Clear entry View general journal > 2. Assume Instead that the bond was convertible into common shares at the maturity date into common shares based on the market value of common shares at that time. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet