On September 1, 2020, Metlock Company sold at 104 (plus accrued interest) 4,080 of its 10%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $14 per share. Shortly after issuance, the warrants were quoted on the market for $3 each. No fair value can be determined for the Metlock Company bonds. Interest is payable on December 1 and June 1.
Required:
Prepare in general journal format the entry to record the issuance of the bonds.
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On September 1, 2020, Metlock Company sold at 104 (plus accrued interest) 4,080 of its 10%, 10-year,...
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