TR$15-2$ Convertible Debt, Investor's Option $($LO $15-1,15-2)$

Closed Tech Ltd$.$ issued convertible bonds on $1$ July $208.$ The $15-$year, $4\%$$$12,750,000$ bonds pay interest semi$-$annually each $30$ June and $31$ December. At the investor's option, each $$1,000$ bond is convertible into $50$ common shares on the bond's maturity date

Bond market analysts indicated that if the bonds had not been convertible, they would likely have sold to yield $6\%,$ and have raised $$10,251,000.$ They were, in fact, issued for $$13,250,000.$

$($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

Provide the journal entry to record the initial issuance of the bond. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round time value factor to $3$ decimal places.$)$