On1 January 20x1, XYZ Ltd. Issues $1,500,000 face amount of 9%, six-year, convertible debentures. Interest is payable semi-annually on 30 June and 31 December. The debentures are convertible at the investor's option at the rate of 30 common shares for each $1000 bond at any time after 31 December 20x3. The market rate of interest for nonconvertible bonds of similar risk and maturity is 11%. The net proceeds received by XYZ amounted to 1,750,000. 1. Record the issuance of the bonds on 1 January 20x1 2. Prepare the journal entries for interest expense on 30 June 20x1 and 31 December 20x1.XYZ uses effective interest amortization for bond premium and discount