For each of the unrelated transactions described below, present the entry(ies) required to record the...
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Accounting
For each of the unrelated transactions described below, present the entry(ies) required to record the bond transactions.
3. Gomez Company issues $5,000,000 of bonds with a coupon rate of 8%. To help the sale, detachable stock warrants are issued at the rate of ten warrants for each $1,000 bond sold. It is estimated that the value of the bonds without the warrants is $4,935,000 and the value of the warrants is $315,000. The bonds with the warrants sold at 101.
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