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Q.No.1. On January 15 20x1, HACPL issued 400,000 convertible loan notes for Rs. 100 each with coupon rate of 5.5%. The market rate for an equivalent debt without conversion option is 9.6%. Each loan note is convertible into 6 ordinary shares any time up to the maturity date of December 31st 20x5 after which the loan notes would be redeemed at par. Each ordinary share have a face value of Rs. 10. Required: III. What would be the journal entries to record the transaction if all the loan notes are converted to the ordinary shares on 15 January 20x3? What would be the effect on the profit or loss account and the statement of financial position for the year ending December 31" 20x3. (8) IV. What would be the journal entries if none of the loan notes are converted into the ordinary shares and all are redeemed at par on January 5th 20x6. (7)