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Question Four ~ On 1 January 2022, Way Company issued 2,000 convertible bonds. The maturity date of the bonds is 1 January 2025. The bonds were issued at par with a face value of $1,500 per bond. The stated rate of interest is 7%. Interest is payable on 1 January of each year over the term. (Hint: the first interest payment was on 1 January 2023,)The market rate of interest of similar non-convertible bond is 11%. Each bond is convertible into 150 ordinary shares with a par value of $2.~ Requirement (a)Calculate the present value of the liability component and fair value of equity component on the date of issuance. Show workings. ~ (b)Assume that all the bonds were converted into ordinary shares on 1 January 2025, prepare all the necessary journal entries for the years 2022 to 2025.~ (c)Explain the accounting implication on the Financial Statements for the year 2025 of Way Company if the bonds were redeemed instead of being converted into ordinary shares on 1 January 2025. ~ (d)Explain the accounting implication on the Financial Statements for the years from 2022 to 2025 of Way Company, if the market rate of interest is higher than 11%, (all other things remain the same) ~