On January 1, 2020, Cullumber Corporation issued $6 million of 10-year, 7% convertible debentures at 106. Investment bankers believe that the debenture would have sold at 103 without the conversion privilege. Interest is to be paid semi-annually on June 30 and December 31. Each $1,000 debenture can be converted into 6 common shares of Cullumber after December 31, 2021. On January 1, 2022. $384.000 of debentures are converted into common shares, and on March 31, 2022 an additional $384.000 of debentures are converted into common shares. Fair value of Cullumber's common shares is $106 and 5111 per share on January 1, 2022, and March 31, 2022, respectively. Accrued interest at March 31 will be paid on the next interest date. Bond premium is amortized on a straight-line basis. Cullumber follows ASPE. (a) Make the necessary journal entries using the book value method. (Hint: March 31, 2022: Accrue interest on bonds to be converted as a first entry) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate percentage calculations to 3 decimal places, es, 1.246% and final answers to decimal places, eg, 5.275.) Account Titles and Explanation Debit Credit Date December 31, 2021 January 1, 2022 March 31, 2022 (To accrue Interest.) March 31, 2022 (To record conversion) June 30 2022