On January 1, 2020, when the falr value of Its common shares was $77 per share, Cullumber Corp.Issued $9 million of 7% convertible debentures due In 20 years. The conversion option allowed the holder of each $1,000 bond to convert the bond Into 6 common shares. The debentures were issued for $9.6 million. The bond payment's present value at the time of Issuance was $7.6 million and the corporation belleves the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2021, the corporation's common shares were split 3 for 1, and the conversion rate for the bonds was adjusted accordingly. On January 1, 2022, when the falr value of the corporation's common shares was $130 per share, holders of 40% of the convertible debentures exercised thelr conversion option. Cullumber Corp.applles ASPE, and uses the stralght-line method for amortizing any bond discounts or premiums. Prepare the entry to record the original Issuance of the convertible debentures. (Credit account titles are qutomatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Using the book value method, prepare the entry to record the exercise of the conversion option Credit dccount tities are automatically indented when the amount is entered. Do not indent manually! Account Titles and Explanation Debit Credit How many shares were issued as a result of the conversion? Number of shares Issued shares Assume, Instead, that Cullumber Corp.decides to retire the bonds early, on January 1, 2022, by paying cash of $3,942,000 to the bondholders. On that date, the fair value of a similar bond without the conversion features $870 per bond. Prepare the journal entry using the book value method. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit