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Twixt Corp. issued $$5,280,000$ of convertible bonds on $1$ January for $$5,062,000$ cash. The bond had the following terms:

$-$Bonds mature in five years$$ time.

$-$Annual interest, $8\%,$ is paid each $31$ December.

$-$Bonds are convertible to $528,000$ common shares at maturity or can be repaid in cash. This choice is up to Twixt Corp.

Current market interest rates are $9\%.$

Required:

$1.$ Assign a value to the liability and the equity portions of the bond.

$-$Liability portion:

$-$Equity portion:

$2.$ Provide the journal entry to record issuance of the bond.

Record the entry for issuance of bonds.

$3.$ Provide a schedule to show interest expense and amortization of the liability over the life of the bond. $($As the table provided below$).$

$-$SEE THE TABLE BELOW