Question 1 (7 points) Bovine Ltd. issued a $500,000, 6.5%, 5 year convertible bond at 106 May 1, 2020. Interest is paid annually April 30. The market rate of interest at the time of sale was 7%. Each $10,000 bond is convertible to 10 common shares of Bovine Ltd. on any interest date after the end of the third year at the investor's option. Round all dollar amounts to the nearest dollar. Required: Show and label your work. a. Record the issuance of the bond on May 1, 2020 (4.5 marks) b. Record the first interest payment (2.5 marks)