On January $1,2023,$ when the fair value of its common shares was $$77$ per share, Cullumber Corp. issued $$9$ million of $7\%$ convertible debentures due in $20$ years. The conversion option allowed the holder of each $$1,000$ bond to convert the bond into $6$ common shares. The debentures were issued for $$9\mathrm{.}6$ million. The bond payment's present value at the time of issuance was $$7\mathrm{.}6$ million and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January $1,2024,$ the corporation's common shares were split $3$ for $1,$ and the conversion rate for the bonds was adjusted accordingly. On January $1,2025,$ when the fair value of the corporation's common shares was $$130$ per share, holders of $40\%$ of the convertible debentures exercised their conversion option. Cullumber applies ASPE and uses the straight$-$line method for amortizing any bond discounts or premiums.