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On March 1/ Year 1, Fxxon Corporation issued $950,000 face value bonds at 103, for 10 years at 6% interest paid annually on March 1. On March 1, Year 7, the bonds were called bick at 101.5. 'Ihe company's end of fiscal accounting period is February 28 of each year. Ins true!ipns: 1. Show the balance sheet presentation of the bonds liability on February 28, year 4. Prepare the necessary journal entry (ies) needed on Mauh 1, Year 7. Assume that, instead of calling the bonds on Mareh 1. year 7. the bondholders to convert them into slimes of cornmon stock. Each bond is convertible into 20 shares Of comnuon stock with a par value of .82 per share. The market value per share of common stock was $56 on March 1, year 7. Plepnre the journal entry to this event.