Hi, can you please explain step by step, how did they get $924,183.20 in the IFRS part?

On January 1, 2003, Ginseng Corp. issues $1,000,000 of 8% bonds which may be converted into total 10,000 shares of $2 par value ordinary shares. The market rate of interest is 10%. Interest is payable annually on December 31, and the bonds were issued at par. The maturity date is December 31, 2007. Please answer the following questions.

(1)Prepare the journal entry on January 1, 2003, based on US GAAP and IFRS, respectively.

US GAAP:

01/01/2003Cash $1,000,000

Bonds Payable$1,000,000

IFRS:

01/01/2003Cash$1,000,000

Bonds Payable$924,183.20

Share Premium - Conversion Option$75,816.80