Question 1: On 1 January 20X1, G Ltd issued a $50 million 5-year 4% convertible bond at par. The interest is payable on 31 December each year. The fair market interest rate at the point of issuance for a similar bond without the conversion feature was 5% per annum. On 1 January 20X3, 30% of the convertible bond was converted into ordinary shares at the stated rate of $1 par of convertible bond for two ordinary shares in G Ltd. G Ltd uses the effective interest method to account for the bonds issued and has a 31 December accounting year end. Requit Illustrate the accounting of the convertible bond by preparing the necessary journal entries required under FRS 32 Financial Instruments: Presentation for G Ltd from 1 January 20X1 to 31 December 20X3. Round all figures to the nearest dollar and effective interest rate to the nearest two decimal places. Show all relevant workings