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Prepare the journal entry to record this transaction

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Question - On July 1, 2017, Blossom Corporation issued $2,500,000 of 9% bonds payable in 20 years. The bonds include detachable warrants giving the bondholder the right to purchase for $30 one share of $1 par value common stock at any time during the next 10 years. The bonds were sold for $2,500,000. The value of the warrants at the time of issuance was $75,000. Prepare the journal entry to record this transaction.

Reference no: EM132595549

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