Santa's Workshop inc. is a publicly-traded company based in Calgary, reporting in accordance with iFRs. They issued convertible bonds for the first time on January 1, 2021. The $1,000,000 of six-year, 10% (payable annually on December 31, starting December 31, 2021), convertible bonds were issued at 107. The bonds would have been issued at 97 without a conversion feature, and yielded a higher rate of return. The bonds are convertible at the investor's option. The company's bookkeeper recorded the bonds at 107 and, based on the $1,070,000 bond carrying value, recorded interest expense using the effective interest method for 2021. He prepared the following amortization table, believing that the yield was 7% : You were hired as an accountant to replace the bookkeeper in November 2022. It is now December 31, 2022 and you are starting to prepare for yearend. You have just completed your Intermediate Financial Accounting course and are fully up-to-date on accounting for bonds. In reviewing the former bookkeeper's work, you discover that the bond was not recorded correctly. REQUIRED: A. Determine the amount that should have been reported in the Shareholders' Equity section of the Balance Sheet at January 1, 2021 for the conversion right, considering that the company must comply with Ifrs. Prepare the journal entry that should have been recorded on January 1,2021. B. Does ASPE offer any alternatives that are not avallable under IFRS? Your answer should be a brief paragraph of 3-5 sentences or bullet points