3, (10 points) On August 1, 2017, United Corporation issued $10 million of 8% convertible bonds at 105. The bonds mature in 20 years. Each $1,000 bond was issued with 20 detachable stock warrants, each of which entitled the bondholder to purchase, for $50, one share of United $5 par common stock. World Company purchased 10% of the bond issue. On August 1, 2017, the market value per share for United stock was $56 and the market value of each warrant was s6. Jn March 2023, when United common stock had a market price of $70 per share and the unamortized premium balance was $300,000, World exercised the warrants it held Required: 1. Prepare the journal entries on August 1, 2017, to record (A) the issuance of the bonds by United 2. Prepare the journal entries for United in March 2023 to record the exercise of the warrants