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Hoffman Corporation issued $55 million of 7%, 15-year bonds at 104. Each of the 55,000...

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Accounting

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Hoffman Corporation issued $55 million of 7%, 15-year bonds at 104. Each of the 55,000 bonds was issued with 12 detachable stock warrants, each of which entitled the bondholder to purchase, for $24, one share of $1 par common stock. At the time of sale, the market value of the common stock was $29 per share and the market value of each warrant was $5. Prepare the journal entry to record the issuance of the bonds. (Enter your answers in millions rounded to 1 decimal place lice, 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of the bonds Note Enter debita belare credits Croda Event General Journal Cash Discount on bonds payable Debit 1572000000

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