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Prepare the journal entries to record these events

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Question - Crane Corporation issued 4,400, five year, 4% bonds at 104 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 Crane at $10 per share, the price at which Crane shares were trading on the day of the sale of the bonds. Similar straight bonds trading on the open market paid 5%. On June 30, 2020, 880 of the bond holders exercised the options to buy the shares. Prepare the journal entries to record these events.

Reference no: EM133139233

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