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Question - On August 1, 2022, United Corporation issued $10.40 million of 6% bonds at 103. The bonds mature in 20 years. Each $1,000 bond was issued with 15 detachable stock warrants, each of which entitled the bondholder to purchase, for $54, one share of United $5 par common stock. World Company purchased 20% of the bond issue. On August 1, 2022, the market value per share for United stock was $60 and the market value of each warrant was $7. In March 2028, when United common stock had a market price of $74 per share and the unamortized premium balance was $340,000, World exercised the warrants it held.
-Record the entry for the issuance of the bonds by United.
-Record the entry for the investment in the bonds by World.
-Record the entry for the exercise of warrants by United.
-Record the exercise of warrants by World.
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