On July 1, 2014, Niagara Steel Corporation, Inc., issued 2,100, 8%, 10-year convertible bonds maturing on June 30, 2024, with semi-annual coupon payments on July 1 and January 1. Each $1,000 bond can be converted into 80 no par value common shares. In addition, each bond included 20 detachable common stock warrants with an exercise price of $20 each. Immediately after issuance, the warrants traded at $4 each on the open market. Gross proceeds on issuance were $2.7 million. Without the warrants and conversion features the bond would be expected to yield 6% annually. [Round to the nearest $10]. Niagaras year-end is December 31. 40% of the bonds were converted into common shares on March 1, 2017. Niagara paid all interest due on these bonds upto the date of conversion. On February 22, 2019, warrant holders exercised one-third of the warrants. The shares of Niagara were being traded at $44 each on this day.

1. Present all journal entries to be prepared, in proper format, on July 1, 2014.

2. Present all journal entries to be prepared, in proper format, on March 1, 2017.

3. Present all journal entries to be prepared, in proper format, on February 22, 2019.