On January 1, 2020. Sunland Corporation issued $7 million of 10-year, 9% convertible debentures at 104. Investment bankers believe that the debenture would have sold at 102 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 4 common shares of Sunland after December 31, 2021. On January 1.2022. $385,000 of debentures are converted into common shares, and on March 31, 2022 an additional $385,000 of debentures are converted into common shares. Fair value of Sunland's common shares is $113 and $118 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. Sunland 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 ttles 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, es 5,275) Date Account Titles and Explanation Debit Credit December Intenet Expo 31, 2021 manbond January 1, 2022 Don cum honda March 31 2022 banditest excess of par March 31, 2022 bond interest expense premium on bond payable bond interest payable (To accrue interest.) March 31, 2022 bond interest Expense premium on BP bond interest payable (To record conversion.) June 30, 2022 Interest Expense premium on bond payable bond interest bayable