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On January 1, 2018, Madison Products issued $70 million of 6%, 10-year convertible bonds at a net price of $70.9 recenty issued similar. Dut nonconvertible, bonds at 99 that is, 99% of face amount. The bonds pay interest on June 30 and million. December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records Inerest by the straight-line method. On June 1, 2020, Madison notifed bondholders of ts intent to call the bonds at face value June 30 all bondholders had chosen to convert their bonds Into shares as of the interest payment date. On June 30, Madison paid the plus a 1% call premium on July 1,2020. By semiannual interest and issued the requisite number of shares for the bonds being converted. Required: 1. & 2. Prepare the journal entry for the issuance of the bonds by Madison and interest payment for the June 30, 2018. method). Assume that Madison Products prepares its financial statements according to International Financial Reporting Standards using the method. nces 3. Prepare the journal entries for the June 30, 2020, interest payment by Madison and the conversion of the bonds (book value Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the journal entry for the issuance of the bonds by Madison and interest payment for the June 30, 2018. (If no entry Is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list lournal entry worksheet

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