On January 1, 2019, Wayward Co. issued a $22 million, 8%, 6-year convertible bond with annual coupon payments. Each $1,000 bond was convertible into 35 shares of Wayward's common shares. Moonbeam Investments purchased the entire bond issue for $23.5 million on January 1, 2019. Moonbeam estimated that without the conversion feature, the bonds would have sold for $21,013.098 and the company use straight line method On January 1, 2020, Moonbeam converted bonds with a par value of $8.58 million. At the time of conversion, fair value was 8,475,711 and moonbeam paid 1,200,00 cash . a. Prepare the journal entry to record the issuance of convertible bonds b. Prepare the journal entry to record the conversion according to ASPE