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What would the journal entry required to record the bond

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Question - XYZ Ltd., a private company reporting under PE GAAP, issues $1,000,000 of bonds with a coupon rate of 8%. To help the sale, detachable stock warrants are issued at the rate of 10 stock warrants for each $1,000 bond sold. It is estimated that the market value of the bonds without the warrants is $990,000 and the market value of the warrants is $74,516. The bonds with the warrants sold at 106. Assume using the market value method.

What would the journal entry required to record the bond transaction be? Ignoring all interest payments?

Reference no: EM132824897

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