Q1) On September 21, 2008, Lopez Co, issues $ 1,000,000 of bonds having coupon rate of 6%. To help sale, detachable stock warrants are issued at rate of ten warrants for each $ 1,000 bond sold. Fair market value of warrants is $63,000. Bonds with warrants sold at 101 plus accrued interest. Interest is payable on November 1 st and May st. (Suppose a 360 day year 30 day months)
Make 09/21/08 entry for this transaction.