On January 1, 2018, Pencil Me In issued $2,000,000, 7%, 8 year convertible bonds. The bonds pay interest on June 30th and December 31st. Bonds are convertible at the option of the holder at the rate of 50 common shares for each $1,000 bond. The market rate of interest for similar bonds without the conversion feature is 6%. Pencil Me In receives $2,250,000 net proceeds on the sale of the bonds. 25% of the bondholders exercised their conversion option on January 1, 2022, when the market value of the common shares is $55. Required a) Prepare the journal entry to record the partial conversion of the bond on January 1, 2022 (5 marks) Enter a positive number if the account is in a debit position. Enter a negative number if the account is in a credit position (i.e. - 10,000). Do not use $ signs in your final answer. Do not round intermediary answers. Round your final answers to the nearest dollar. If an account does not apply, enter 0. bonds payable = $ contributed surplus-conversion option = $ common shares = $