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King should credit paid-in-capital from stock warrants for

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On May 1, 2001 King Co. issued $300,000 of 7% bonds at 99, maturedd in 10 years. 20 detachable stock warrants entitling the holder to purchase for $40 one share of Kings common stock, $15par value, were attached to each $1000 bond. The bonds without the warrants would sell at 96. On May 1, the fair value of Kings common stock was $35 per share and of the warrants $3.

On May 1, King should credit Paid-in-Capital from stock warrants for:

Reference no: EM131815768

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