On January 1,2020, Martinez Corporation, which follows IFRS, issued a series of 400 convertible bonds, maturing in five years. The face amount of each bond was $1,000. Martinez received $ 436,000 for the bond issue. The bonds paid interest every December 31 at 6%; the market interest rate for bonds with a comparable level of risk was 5%. The bonds were convertible to common shares at a rate of ten common shares per bond. Martinez amortized bond premiums and discounts using the effective interest method, and the company's year-end was December 31. On January 1, 2021, 80 of the bonds were converted into common shares. On June 30, 2021, another 80 bonds were converted into common shares. The bondholders chose to forfeit the accrued interest on these bonds. On January 1, 2022, when the fair value of the bonds was $249,900 due to a decrease in market interest rates, a conversion inducement of $ 21/bond was offered to the remaining bondholders to convert their bonds to common shares. All of the remaining 240 bonds were converted into common shares at this time. Prepare all required journal entries to record the above transactions. (Hint: don't forget to accrue interest and amortize the premium on the bond at year-end, if needed). (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Jan. 1, 2020 Cash 436000 Bonds Payable 400001 Contributed Surplus - Conversion Rights 35999 Dec. 31, 2020 Interest Expense 20000 Bonds Payable 4000 Cash 24000 Jan. 1, 2021 Bonds Payable 79200 Contributed Surplus - Conversion Rights 7200 NI Common Shares 86400 Dec. 31, 2021 Interest Expense 11880 Bonds Payable 2520 Cash 14400 Jan. 1, 2022 Bonds Payable 235081 Loss on Redemption of Bonds 14819 Contributed Surplus - Conversion Rights 21599 Retained Earnings 9779 Common Shares 256680 Cash 5040