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XYZ Corporation sold $350,000 of 5%, convertible 5 year bonds at 101. The market interest...

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Accounting

XYZ Corporation sold $350,000 of 5%, convertible 5 year bonds at 101. The market interest rate on the sale date was 7%. Each $1,000 bond was convertible into 20 shares of XYZ no-par value common shares on any interest date after the end of the first year from the date of issuance. Using IFRS, prepare the journal entry at issuance using the residual value method measuring the debt first.

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