On July $1,2024,$ when its $$1$ par value common stock was selling for $$66$ per share, Pharoah Corp. issued $$24,300,000$ of $6\%$ convertible debentures due in $10$ years. The conversion option allowed the holder of each $$1,000$ bond to convert the bond into $10$ shares of the corporation's common stock. The debentures were issued for $$25,758,000.$ The corporation believes the difference between the par value and the amount paid is attributable to the conversion feature. On January $1,2025,$ the corporation's common stock was split $2$ for $1,$ and the conversion rate for the bonds was adjusted accordingly. On January $1,2026,$ when the corporation's $$0\mathrm{.}50$ par value common stock was selling for $$38$ per share, holders of $9,720$ of the convertible debentures exercised their conversion options. The corporation uses the straight$-$line method for amortizing any bond discounts or premiums.

$($a$)$ Prepare in general journal form the entry to record the original issuance of the convertible debentures.

$($b$)$ Prepare in general journal form the entry to record the exercise of the conversion option, using the book value method.