Short Answer #5 (6 points)- On January 1, 2020, June Corporation issued $10 million of 8%, 10-year convertible bonds at 104. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of $1 par common stock. Bug Company purchased 20% of the issue as an investment. On July 1, 2024, Bug converted all of its bonds into common stock of June. The market price per share for June was $30 at the time of the conversion. Both companies use the straight-line method for amortization. 1. Prepare journal entries for the issuance of the bonds on the issuer books (June). 2. Prepare the journal entries for the conversion on the books of the issuer (June), using the book value method.