On August $31,2021,$ Chickasaw Industries issued $$25$ million of its $30-$year, $5\%$ convertible bonds dated August $31,$ priced to yield $6\%.$ The bonds are convertible at the option of the investors into $1,500,000$ shares of Chickasaw$$s common stock. Chickasaw records interest expense at the effective rate. On August $31,2024,$ investors in Chickasaw$$s convertible bonds tendered $20\%$ of the bonds for conversion into common stock that had a market value of $$20$ per share on the date of the conversion. On January $1,2023,$ Chickasaw Industries issued $$40$ million of its $20-$year, $7\%$ bonds dated January $1$ at a price to yield $8\%.$ On December $31,2024,$ the bonds were extinguished early through acquisition in the open market by Chickasaw for $$40\mathrm{.}5$ millio