On January 1, 2023 , when the fair value of its common shares was $80 per share, Hammorid Corp. ispued 510 million of 8% convertible debentures due in 30 years. The conversion option allowed the holder of each 51,000 bond to convert the bond into five common shares. The debentures were issued for $10.8 milition, The bond pavment's present value at the time of issuance was $8.5 million and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2024, the corporation's comon shares wore split 3 for 1 , and the comversion rate for the bonds was adjusted accordingly. On January 1, 2025, when the fair value of the corporation's common shares was 5135 per share, holders ot 25 of the convertible debentures exercised their conversion option. Hammond applies ASPE and uses the straight-line method for amortizing any bond discounts or ptemiums. Instructions 1. Prepare the entry to record the original issuance of the convertible debentures. 2. Using the book value method, prepare the entry to record the exercise of the conversion option. Show supporting calculations in good form. 3. How many shares were issued as a result of the conversion