4) Convertible bonds ( 8 points). Mason Corporation issues 100,000 in bonds of 10 -year, 6% convertible bonds. So there were 100 bonds with a face value $1,000 each. Each $1000 bond is convertible into 50 common shares with $2 par value. Mason received $120,000 for the bonds when issued. Two year later, the bonds were converted to common stock when the carrying value was $110,000 and the market price per share was $100. Show work for part b. a. What is the joumal entry for the issuance of the bonds? b. What is the joumal entry for the conversion?.