Chandelier Company issued 4-year P5,000,000 face value of 14% convertible bonds at 106 on January 1,2020, maturing on January 1, 2025 and paying interest annually on December 31. It is reliably ascertained that the bonds would sell at P5,100,000 without the conversion feature with an effective yield of 12%. Each P1,000 bond is convertible into 10 shares of P100 par value share capital. What is the entry to record the issuance of bonds? Prepare other necessary journal entries relating to the problem

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