On January 1, 2021. Madison Products issued $40.3 million of 8%, 10-year convertible bonds at a net price of $41.13 million. Madison recently issued similar, but nonconvertible, bonds at 98 (that is, 98% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method. On June 1, 2023, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1, 2023. By June 30, all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 30, Madison paid the semiannual interest and issued the requisite number of shares for the bonds being converted. Required: 1. & 2. Prepare the journal entries for the issuance of the bonds by Madison and interest payment for June 30, 2021. 3. Prepare the journal entries for the June 30, 2023, interest payment by Madison and the conversion of the bonds (book value method). Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the journal entries for the issuance of the bonds by Madison and interest payment for June 30, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list View journal entry worksheet Credit No 1 Debit 41,130,000 Date General Journal January 01, 2021 Cash Convertible bonds payable Premium on bonds payable 40,300,000 830,000 2 June 30, 2021 Interest expense Premium on bonds payable Cash 41,500 Req 1 and 2 Req3 > Prepare the journal entries for the issuance of the bonds by Madison and interest payment for June 30, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the interest payment. Note: Enter debits before credits. Debit Credit Date General Journal June 30, 2021 Interest expense Premium on bonds payable Cash 41,500 Record entry Clear entry View general journal On January 1, 2021. Madison Products issued $40.3 million of 8%, 10-year convertible bonds at a net price of $41.13 million. Madison recently issued similar, but nonconvertible, bonds at 98 (that is, 98% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method. On June 1, 2023, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1, 2023. By June 30, all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 30, Madison paid the semiannual interest and issued the requisite number of shares for the bonds being converted. Required: 1. & 2. Prepare the journal entries for the issuance of the bonds by Madison and interest payment for June 30, 2021. 3. Prepare the journal entries for the June 30, 2023, interest payment by Madison and the conversion of the bonds (book value method). Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the journal entries for the issuance of the bonds by Madison and interest payment for June 30, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list View journal entry worksheet Credit No 1 Debit 41,130,000 Date General Journal January 01, 2021 Cash Convertible bonds payable Premium on bonds payable 40,300,000 830,000 2 June 30, 2021 Interest expense Premium on bonds payable Cash 41,500 Req 1 and 2 Req3 > Prepare the journal entries for the issuance of the bonds by Madison and interest payment for June 30, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the interest payment. Note: Enter debits before credits. Debit Credit Date General Journal June 30, 2021 Interest expense Premium on bonds payable Cash 41,500 Record entry Clear entry View general journal