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E15.8 ( 2) (Issuance of Bonds with Detachable Warrants) On September 1, 2025, Sands Company...

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E15.8 ( 2) (Issuance of Bonds with Detachable Warrants) On September 1, 2025, Sands Company sold at 104 (plus accrued interest) 4,000 of its 9%,10-year, \$1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $15 per share. Shortly after issuance, the warrants were quoted on the market for $3 each. No fair value can be determined for the Sands Company bonds. Interest is payable on December 1 and June 1. Instructions Prepare in general journal format the entry to record the issuance of the bonds

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