Journal format entry to record the issuance of the bonds

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Reference no: EM131220430

On September 1, 2014, Sands Company sold at 104 (plus accrued interest) 3,480 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $19 per share. Shortly after issuance, the warrants were quoted on the market for $4 each. No fair value can be determined for the Sands Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $31,700 were incurred. Prepare in general journal format the entry to record the issuance of the bonds.

Reference no: EM131220430

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