Journal entries for stock warrants. Haskins Corporation sells 40,000 common stock warrants for \(\$ 3\) each on February 26, Year 6. Each warrant permits its holder to purchase a share of the firm's \(\$ 5\)-par value common stock for \(\$ 40\) per share at any time during the next two years. The market price of the common shares was \(\$ 30\) per share on February 21, Year 6. Holders of 30,000 warrants exercised their warrants on June 6, Year 7, at a time when the market price of the stock was \(\$ 48\) per share. Haskins Corporation experienced a major uninsured loss from a fire late in Year 7, and its market price fell immediately to \(\$ 32\) per share. The market price remained around \(\$ 32\) until the stock warrants expired on February 26, Year 8. Present journal entries on February 26, Year 6; June 6, Year 7; and February 26, Year 8, relating to these stock warrants.