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On May 1,2023, Culver Ltd. issued $519000,10 year, 7% bonds at 104....

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Accounting

On May 1,2023, Culver Ltd. issued $519000,10 year, 7% bonds at 104. Twenty detachable warrants were attached to each $1000
bond, which entitled the holder to purchase one of Culver's no par value common shares for $40. At this time, similar bonds without
warrants were selling at 96. It was determined that the fair value of Culver's common shares was $36, but the value of the warrants
was NOT determinable. Culver is a private corporation that follows ASPE, but does NOT use the residual method. On May 1,2023,
Culver should credit Contributed Surplus-Stock Warrants for
$20760.
$36330.
$0.
$15570.
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