On may 1 2007 logan co issued 300000 of 7 bonds at 103, Ask an Expert

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On May 1, 2007, Logan Co. issued $300,000 of 7% bonds at 103, which are due on April 30, 2017. Twenty detachable stock warrants entitling the holder to purchase for $40 one share of Logan s common stock, $15 par value, were attached to each $1,000 bond. The bonds without the warrants would sell at 96. On May 1, 2007, the fair value of Logan s common stock was $35 per share and of the warrants was $2. On May 1, 2007, Logan should record.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9955655

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