On January 1, 2023, when the fair value of its common shares was $73 per share, Oriole Corp. issued $10 million of 7% comvertible debentures due in 20 years. The conver sion option allowed the holder of each $1,000 bond to convert the bond into 6 comrnon shares. The debentures were issued for $10.9 million. The bond payment's present value at the time of issuance was $8.6 million and the corporation believes the difference between the present value and the amount paid is attributable to the conver sion feature. On January 1, 2024, the corporation's common shares were split 2 for 1 , and the conversion rate for the bonds was adjusted accordingly. On January 1, 2025, when the fair value of the corporation's common shares was $143 per share, holders of 29% of the convertible debentures exercised their conversion option. Oriole applies ASPE and uses the straight-line method for amortizing any bond discounts or prerniums. Assume, instcad, that Oriole decides to retire the bonds carly, on January 1,2025 , by paying cash of $3,288,000 to the bondholders. On that date, the fair value of a similar bond without the comversion feature is $890 per bond. Prepare the journal entry usirig the book value method. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)