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Tamarisk Limited issued $28,000,000 of par value, 8% bonds at 99. One detachable stock purchase warrant was issued with each $100 par value bond. At the time of issuance, the warrants were selling for $5. Tamarisk Limited has adopted ASPE. (Credi account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Option 1: Residual Method Cash 27720000 Bonds Payable 26320000 Contributed Surplus - Stock Warrants 1400000 Option 2: Value Equity component at zero Cash 26320000 Bonds Payable 26320000 On July 1, 2020, Tien Limited called its 10% convertible bonds for conversion. The $40,000,000 of par value bonds were converted into 4,000,000 common shares. On July 1, there was $75,000 of unamortized discount applicable to the bonds, and the company paid an additional $80,000 to the bondholders to induce conversion of all the bonds. At the time of conversion, the balance in the account Contributed Surplus-Conversion Rights was $270,000, and the bond's fair value (ignoring the conversion feature) was $39,955,000. The company records conversion using the book value method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a) IFRS: Debit Credit Account Titles and Explanation Loss on Redemption of Bonds 75000 39955000 Bonds Payable Contributed Surplus - Conversion Rights 270000 Common Shares 40220000 Cash 80000 b) ASPE: Debit Credit Account Titles and Explanation Retained Earnings Loss on Redemption of Bonds 30000 45000 Bonds Payable 39955000 Contributed Surplus - Conversion Rights 270000 Common Shares 140220000 Cash 80000