On 1 November 2018 Sandy Ltd issued 11500 convertible notes with the following features: Face value Term Issue price Interest Conversion optionEach note is convertible into 115 ordinary shares Market interest rate 15 per cent for similar debt with no conversion option $1000 4 years At face value Coupon rate of 13 per cent payable annually in arrears Required: (a) Prepare the journal entry to record the issue of the convertible notes (b) Describe the effect, if any, of the issue of the convertible notes on each of the three components of the statement of financial position, that is, assets, liabilities and equity