Sunland Inc. issued $$3$ million of $10-$year, $9\%$ convertible bonds on June $1,2023,$ at $98$ plus accrued interest. The bonds were

dated April $1,2023,$ with interest payable April $1$ and October $1.$ Bond discount is amortized semi$-$annually. Bonds without

conversion privileges would have sold at $97$ plus accrued interest.

On April $1,2024,$ $$0\mathrm{.}75$ million of these bonds were converted into $15,000$ common shares. Accrued interest was paid in cash

at the time of conversion. Assume that the company follows IFRS.

Prepare the entry to record the issuance of the convertible bonds on June $1,2023.($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 $0$ for the amounts. Round answers to $0$ decimal places, e$.$g$.5,275.$ List all debit entries before credit entries.$)$

Ite Account Titles and Explanation

Debit

Credit

Contributed Surplus $-$ Conversion RightsSunland Inc. issued $$3$ million of $10-$year, $9\%$ convertible bonds on June $1,2023,$ at $98$ plus accrued interest. The bonds were dated April $1,2023,$ with interest payable April $1$ and October $1.$ Bond discount is amortized semi$-$annually. Bonds without conversion privileges would have sold at $97$ plus accrued interest. On April $1,2024,$ $$0\mathrm{.}75$ million of these bonds were converted into $15,000$ common shares. Accrued interest was paid in cash at the time of conversion. Assume that the company follows IFRS.