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(Issuance of Bonds with Detachable Warrants) On December 1, 2014, Universal Coat Company sold 10,000 of its 10%, 15-year, $1,000 face value, nonconvertible bonds with detachable stock warrants at 102. Each bond carried three detachable warrants. Each warrant was for one share of common stock at a specified option price of $27 per share. Shortly after issuance, the warrants were quoted on the market for $2.50 each. No market value can be determined for the Universal Coat Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $65,000 were incurred.
Instructions
Prepare in general journal format the entry to record the issuance of the bonds.
Calculate both the averaging and the weighted sales forecasts using Micro Soft Excel and assuming you are a sales manager, send an email message to me explaining the forecast and including it as an attachment.
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