Cullumber Corporation issued 1,900 $1,000 bonds at 101. Each bond was issued with one detachable stock...
Cullumber Corporation issued 1,900 $1,000 bonds at 101. Each
bond was issued with one detachable stock warrant. After issuance,
the bonds were selling in the market at 98, and the warrants had a
market price of $38.
Use the proportional method to record the issuance of the bonds and
warrants.
Homework Answers
| Account | Debit | Credit | |
| 1 | Cash (1900*1000*101%) | 1,919,000 | |
| Discount on bonds payable | 52,633 | ||
| Bonds payable | 1,900,000 | ||
| Paid in capital - Stock warrants | 71,633 |
Discount on bonds payable
= 1,900,000 - [(1,919,000*980/(980+38)]
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warrants without the bonds cannot be determined.
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