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On May 1, 2012, Payne Co.issued $300,000 of 7% bonds at 103, which are due on April 30, 2022.Twenty detachable share warrants entitling the holder to purchase for $40 one share of Payne's ordinary shares, $15 par value, were attached to each $1,000 bond.The bonds without the warrants would sell at 96.On May 1, 2012, the fair value of Payne's shares was $35 per share and of the warrants was $2.
-On May 1, 2012, Payne should record bonds at payable

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The Answer of Use the following information for questions.
On May 1, 2012, Payne Co.issued $300,000 of 7% bonds at 103, which are due on April 30, 2022.Twenty detachable share warrants entitling the holder to purchase for $40 one share of Payne's ordinary shares, $15 par value, were attached to each $1,000 bond.The bonds without the warrants would sell at 96.On May 1, 2012, the fair value of Payne's shares was $35 per share and of the warrants was $2.
-On May 1, 2012, Payne should record bonds at payable

Use the Following Information for Questions