Morris Ltd. issued $4,000,000, six-year, 8% convertible bonds at par. Bonds pay interest annually. Each $1,000 bond is convertible into 200 of Morris's no par-value common shares, which are currently trading at $25. The current market rate for similar non-convertible bonds is 10%. Assuming Morris follows IFRS, the value to be recorded for the conversion option upon issuance of the bonds is: Question 3 options: $348,421 $320,000 $303,267 $0