The company was incorporated on the $1$st of January $2019$ with a share capital of $12,000,000$ ordinary shares of $$4.$ On the date of the incorporation the company acquired two $(2)$ delivery trucks at a

cost of $$12,000,000$ each and decided to depreciate the trucks using the units of output method. The company planned to keep the trucks for a useful life of $300,000$ miles each. The residual value

of each truck is estimated to be $$1,000,000.$On January $1,2020$ CCL issued $8\%$ convertible bonds at their nominal value of $$27,000,000.$ The

bonds are convertible at any time up to maturity into $50$ ordinary shares for each $$600$ of bond. Alternatively, the bonds will be redeemed at par after $4$ years. Similar non$-$convertible bonds carry an interest rate of $10\%.$ On January $12021,$ the company issued $2,000,000$ ordinary shares at a

price of $$5\mathrm{.}50$ which was fully subscribed. This was followed by a bonus issue of $1$ share for $5$ held on that date, funding came from the share premium account which at that date had a balance of $$1,700,000$ and retained earnings a balance of $$2,520,000.$

Show the journal entries to record the cash and bonus issue of shares on $1$ January $2021$