JMR Ltd.sold $350,000 of 5% (annual interest payments)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 KER Ltd.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 incremental method.

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The Answer of JMR Ltd.sold $350,000 of 5% (annual interest payments)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 KER Ltd.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 incremental method.

JMR LtdSold $350,000 of 5% (Annual Interest Payments)convertible 5 Year Bonds