On January $2,20$X$1,$ Linn Company issued a convertible bond with a par value of P$50,000$ in the market for P$60,000.$ The bonds are convertible into $6,000$ ordinary shares of P$1$ per share par value. The bond has a $5-$year life and has a stated interest rate of $10\%$ payable semiannually. The market interest rate for a similar non$-$convertible bond at January $1,20$X$1$ is $8\%.$ The liability component of the bond is computed to be P$53,993.$ The following amortization schedule is provided for this bond. DateCash interestInterest expensePremium amortizedCarrying amount$01/01/20$X$153,99312/31/20$X$15,0004,31968153,31212/31/20$X$25,0004,26573552,57712/31/20$X$35,0004,20679451,78312/31/20$X$45,0004,14385750,92612/31/20$X$55,0004,07492650,000$RequiredPrepare the journal entry to record the issuance of the convertible bonds on January $1,20$X$1.$Prepare the journal entry to record the payment of interest on December $31,20$X$2.$Assume that the bonds were converted on December $31,20$X$3.$ The fair value of the liability component of the bond is determined to be P$54,000$ on December $31,20$X$3.$ Prepare the journal entry to record conversion on December $31,20$X$3.$ Assume that the accrual of interest related to $20$X$3$ has been recorded.Assume that the convertible bonds were repurchased on December $31,20$X$3$ for P$55,500$ instead of being converted. As indicated, the liability component of the bond is determined to be P$54,000$ on December $31,20$X$3.$ Prepare the journal entry to record the repurchase of the bonds on December $31,20$X$3.$ Assume that the accrual of interest related to $20$X$3$ has been recorded.Assume that the bonds matured on December $31,20$X$5,$ and Linn repurchased the bonds. Prepare the entry or entries to record this transaction.