On July 1, 2020, Blossom Corporation issued $2,700,000 of 9% bonds payable in 20 years....
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On July 1, 2020, Blossom Corporation issued $2,700,000 of 9% bonds payable in 20 years. The bonds include detachable warrants giving the bondholder the right to purchase for $30 one share of $1 par value common stock at any time during the next 10 years. The bonds were sold for $2,700,000. The value of the warrants at the time of issuance was $85,000. Prepare the journal entry to record this transaction
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