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 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 onswers to decimal places, eg 5,275). Account Titles and Explanation Debit Credit December 31, 2021 Date January 1, 2022 March 31, 2022 (To accrue interest.) March 31, 2022 (To record conversion.) June 30, 2022