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On July 1, 2020, Tien Limited called its 8% convertible bonds for conversion. The $34,000,000 of par value bonds were converted into 3,400,000 common shares. On July 1, there was $75,000 of unamortized discount applicable to the bonds, and the company paid an additional $85,000 to the bondholders to induce conversion of all the bonds. At the time of conversion, the balance in the account Contributed Surplus-Conversion Rights was $250,000, and the bond's fair value (ignoring the conversion feature) was $33,955,000.
Question 1: The company records conversion using the book value method.
1. IFRS
2. ASPE
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