Sky airlines issued several convertible bonds with a face value of $1,000 each on January 1, 2021. Each bond is convertible into a specified number of common shares. The bonds pay interest on January 1 and July 1 of each year. On July 2, 2022, some of the bondholders decided to exercise the conversion privilege. Other information regarding the bonds follows : Par value of convertible bonds issued : $5,302,000 Price at which convertible bonds issued : $101 Bond coupon rate : 5% Similar bonds without the conversion privilege would have been issued at : $96 Number of bondholders who converted their bonds to common shares on July 2, 2022 : $1326 Unamortized bond discount on July 2, 2022 : $53,020 Market price of convertible bonds on July 2, 2022 : $103 No other bondholders converted their bonds to common shares prior to July 2, 2022. Sky airlines follows IFRS. Question: Prepare the journal entry for the issuance of the bonds on January 1, 2021 Prepare the journal entry for the bonds on July 2, 2022 Assume that Sky airlines follows ASPE. Identify the 2 methods that can be used to account for the issuance of the bonds on January 1, 2021, and prepare the journal entry required for each method