On january 1, 20x1. Toy inc, issued 5500,000 of convertible bonds. The bonds mature on December 31, 20x5. Interest is payable annually at 6.056 on December 31. The bonds are convertible at the investor's option at the fate of 20 common shares for each 51,000 bond, 5 imilar bonds without the conversion option were selling for $475,000 at time of issuance, Transaction costs of $10,000 were incurred. Required Prepare the journal entry to record the issuance of the bonds