View Policies Current Attempt in Progress On July 1, 2020, Marigold Ltd., which follows ASPE, issued 1,000 convertible, fiveyear $1,000 bonds. Each bond is convertible into 20 common shares at the bondholder's option. On the date of issuance, the bond's conversion rights were valued at $51,000. On July 1, 2023, the bonds had a carrying value on Marigold's books of $975,000, and the fair market value of the bonds without the convertible option was $981,000. Assume all the bondholders voluntarily decided to convert their bonds to common shares on July 1, 2023. Prepare the journal entry to record the conversion. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Assume instead that Marigold paid the bondholders an incentive of $14,000 to convert their bonds to common shares, and that all the bondholders agreed to convert their bonds to common shares on July 1, 2023. Prepare the journal entry to record the conversion. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit