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Daisy Inc. issued $6.6 million of 10-year, 9%, convertible bonds on June 1, 2014, at 96 plus accrued interest. The bonds were dated April 1, 2014, with interest payable April 1 and October 1. Bond discount is amortized semi-annually. Bonds without conversion privileges would have sold at 95 plus accrued interest.On April 1, 2015, $1.65 million of these bonds were converted into 34,375 common shares. Accrued interest was paid in cash at the time of conversion but only to the bondholders whose bonds were being converted. Assume that the company follows IFRS.Instructions(a) Prepare the entry to record the issuance of the convertible bonds on June 1, 2014.(b) Prepare the entry to record the interest expense at October 1, 2014. Assume that accrued interest payable was credited when the bonds were issued. (Round to nearest dollar.)(c) Prepare the entry(ies) to record the conversion on April 1, 2015. (The book value method is used.) Assume that the entry to record amortization of the bond discount using the straight-line method and interest payment has been made.(d) What do you believe was the likely market value of the common shares as of the date of the conversion of April 1, 2015?
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