On January $1,2024,$ when its $\backslash$$$30$ par value common stock was selling for $\backslash$$$80$ per share, Blossom Corp. issued $\backslash$$$12,300,000$ of $8\backslash \%$ convertible debentures due in $20$ years. The conversion option allowed the holder of each $\backslash (\backslash$$ $1,000\backslash )$ bond to convert the bond into five shares of the corporation's common stock. The debentures were issued for $\backslash (\backslash$$ $13,284,000\backslash ).$ The present value of the bond payments at the time of issuance was $\backslash (\backslash$$ $10,455,000\backslash ),$ and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January $1,2025,$ the corporation's $\backslash (\backslash$$ $30\backslash )$ par value common stock was split $2$ for $1,$ and the conversion rate for the bonds was adjusted accordingly. On January $1,2026,$ when the corporation's $\backslash (\backslash$$ $15\backslash )$ par value common stock was selling for $\backslash (\backslash$$ $135\backslash )$ per share, holders of $\backslash (30\backslash \%\backslash )$ of the convertible debentures exercised their conversion options. The corporation uses the straight$-$line method for amortizing any bond discounts or premiums.

$($a$)$ Prepare the journal entry to record the original issuance of the convertible debentures. $($List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)($b$)$ Prepare the journal entry to record the exercise of the conversion option, using the book value method. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$Bonds Payable