Question 1 On July 1, 2017, Crane Ltd. issued 1,000 convertible, five-year, $1,000 bonds. Each bond is convertible into 20 common shares at the bondholder's option. On the date of issuance, the bond's conversion rights were valued at $53,000. On July 1, 2020, the bonds had a carrying value on Crane's books of $969,000, and the fair market value of the bonds without the convertible option was $977,000. Assume all the bondholders voluntarily decided to convert their bonds to common shares on July 1, 2020. Prepare the journal entry to record the conversion. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Account Titles and Explanation Bonds Payable Contributed Surplus - Conversion Rights 969000 53000 Common Shares 1022000