P14-13. Accounting for compound financial instruments (Medium - 15 minutes) Retro Inc. reports its financial results in accordance with IFRS. Its balance sheet as at December 31, 2023, included the debt and equity set out below: 2. At the option of the investor, each $1,000 bond is convertible into 15 common shares at any time before maturity. All bondholders exercise their option on July 1, 2024. The market price of the shares at conversion date was $80.00. Required: a. Prepare the journal entry to record the bond interest payment on June 30 , 2024. b. Prepare the journal entry to record the bond conversion on July 1, 2024. c. Determine the number of common shares outstanding after the bonds are converted