On January 1, 2020, Entity A issues convertible bonds with a maturity of five years. The issue is for a total of 1,000 convertible bonds.Each bond has a par value of P1,000, a stated interest rate is 5% per year, and is convertible into 5 ordinary shares of Entity A.The convertible bonds were issued to Entity O at par.The per-share price for an Entity A share is P15.Quotes for similar bonds issued by Entity A without a conversion option (i.e., bonds with similar principal and interest cash flows) suggest that they can be sold for P900,000.