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On January $1,2024,$ when its $$30$ par value common stock was selling for $$80$ per share, Crane Corp. issued $$10,100,000$ of $8\%$ convertible debentures due in $20$ years. The conversion option allowed the holder of each $$1,000$ bond to convert the bond into five shares of the corporation$$s common stock. The debentures were issued for $$10,908,000.$ The present value of the bond payments at the time of issuance was $$8,585,000,$ and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January $1,2025,$ the corporation$$s $$30$ par value common stock was split $2$ for $1,$ and the conversion rate for the bonds was adjusted accordingly. On January $1,2026,$ when the corporation$$s $$15$ par value common stock was selling for $$135$ per share, holders of $30\%$ of the convertible debentures exercised their conversion options. The corporation uses the straight$-$line method for amortizing any bond discounts or premiums.

$($a$)$ Prepare the journal entry to record the original issuance of the convertible debentures. $($List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

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