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Pronghorn Corporation issued 4,700, five year, 3% bonds at 106 on January 1, 2020. Interest is paid annually. Each $1,000 bond carried one detachable warrant allowing the holder to purchase 100 common shares in Pronghorn at $11 per share, the price at which Pronghorn shares were trading on the day of the sale of the bonds. Similar straight bonds trading on the open market paid 6%. On June 30, 2020, 940 of the bond holders exercised the options to buy the shares.
Problem 1: Prepare the journal entries to record these events.
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