Carrying value of the bonds payable

Reference no: EM13124076

On November 1, 2002, Spencer Company issued at 102, three hundred of its 10%, $1,000 bonds. Attached to each bond was one detachable stock warrant entitling the holder to purchase 10 shares of Spencer Company's common stock. On November 1, 2002 the market value of the bonds, without the stock warrants, was 99, and the market value of each stock warrant was $40. The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be.

Reference no: EM13124076

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