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On May 1, 2016, Marly Co.issued $500,000 of 7% bonds at 103, which are due on April 30, 2026.Twenty detachable stock warrants entitling the holder to purchase for $40 one share of Marly'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, 2016, the fair value of Marly's shares was $35 per share and of the warrants was $2.
-On May 1, 2016, Marly should record bonds payable at

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On May 1, 2016, Marly Co.issued $500,000 of 7% bonds at 103, which are due on April 30, 2026.Twenty detachable stock warrants entitling the holder to purchase for $40 one share of Marly'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, 2016, the fair value of Marly's shares was $35 per share and of the warrants was $2.
-On May 1, 2016, Marly should record bonds payable at

Use the Following Information for Questions