On January $1,2020,$ Sheridan Corporation issued a series of $100$ convertible bonds, maturing in $5$ years. The face amount of each bond was $$500.$ Sheridan received $$50,800$ for the bond issue. The bonds paid interest every December $31$ at $7\%$; the market interest rate for bonds with a comparable level of risk was $6\mathrm{.}80\%$ which would give the bonds alone without the conversion feature a balance of $$50,412.$ The bonds were convertible to common shares at a rate of $10$ common shares per bond. Sheridan amortized bond premiums and discounts using the effective interest method, and the company's year$-$end was December $31.$

On January $1,2021,20$ of the bonds were converted into common shares.

Required

Assuming Sheridan uses IFRS prepare the journal entries required at the following dates

a$.$ January $1,2020$

b$.$ December $31,2020$

c$.$ January $1,2021$

Assuming Sheridan uses ASPE prepare the journal entries required at the following dates under both choices available for Private Entity GAAP.

a$.$ January $1,2020$

b$.$ December $31,20202$

c$.$ January $1,2021$

Use the editor to format your answer