Please provide the corrected solutions for this question. The first picture is part a) and in second the picture is part b). Please do not give the previous answers provided by other people, as those are incorrect. Thanks.

Exercise 16-11 Crane Limited had $2.39 million of bonds payable outstanding and the unamortized premium for these bonds amounted to $44,600. Each $1,000 bond was convertible into 20 preferred shares. All bonds were then converted into preferred shares. The Contributed Surplus - Conversion Rights account had a balance of $21,500. Assume that the company follows IFRS. Your answer is partially correct. Try again. Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Preferred Shares 2,434,600 Bonds Payable 44,600 Bonds Payable 2,390,000 SHOW LIST OF ACCOUNTS Exercise 16-11 Crane Limited had $2.39 million of bonds payable outstanding and the unamortized premium for these bonds amounted to $44,600. Each $1,000 bond was convertible into 20 preferred shares. All bonds were then converted into preferred shares. The Contributed Surplus - Conversion Rights account had a balance of $21,500. Assume that the company follows IFRS. Your answer is partially correct. Try again. Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Preferred Shares 2,434,600 Bonds Payable 44,600 Bonds Payable 2,390,000 SHOW LIST OF ACCOUNTS