On January $1,2024,$ Gless Textiles issued $$15$ million of $8\%,10-$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:

Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century.

Prepare the journal entries for the June $30,2028,$ interest payment by both Gless and Century assuming both use the straightline method.

On July $1,2029,$ when Gless's common stock had a market price of $$33$ per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds $($book value method$).$

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Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in whole dollars.

$\backslash$table$[[$No$,$Date,General Journal,,Debit,Credit$],[1,$January $01,2024,$Cash,,$15,090,000x,],[,,$Premium on bonds payable,$,,90,000x$