Question: Refer to the situation described in E 1424. Data from in 14-24 On January 1, 2024, Gless Textiles issued $12 million of 9%, 10-year convertible

Refer to the situation described in E 14–24.

Data from in 14-24

On January 1, 2024, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101.
∙ The bonds pay interest on June 30 and December 31.
∙ Each $1,000 bond is convertible into 40 shares of Gless’s no par common stock.
∙ Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount).
∙ Century Services purchased 10% of the issue as an investment.

Required:
How might your solution to requirement 1 for the issuer of the bonds differ if Gless Textiles prepares its financial statements according to International Financial Reporting Standards? Include any appropriate journal entry in your response.

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