Sandhill Limited had $2.56 millon of bonds payable outstanding and the unamortized premium for these bonds amounted to $47,300. Each $1,000 bond was convertible into 22 preferred shares. All bonds were then converted into preferred shares. The Contributed Surplus Conversion Rights account had a balance of $24,500. Assume that the company follows IFRS. Your answer is partially correct. Try again. Assuming that the book value method was used, what entry would be made? (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.) Account Titles and Explanation Debit Credit Bonds Payabie 2512700 ributed Surplus- Conversion Rights Common Shares 2537200 Your answer is incorrect. Try again. Assume that Sandhill Ltd. offers $9,000 to induce early conversion. What journal entry would be made? (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.) Account Titles and Explanation Debit Credit