5) Bonds with warrants (12 points) On January 2, 2017, Edmond, Inc. issued 8,000 bonds at $1,040 each. Each bond contains 20 detachable stock warrants, each of which gives the owner the right to purchase one share of Edmond's $1 par value common stock at $35. The current selling price of common stock is $25 per share. Edmond's bonds without stock warrants are currently selling for $1,025 and it has additional warrants on the market selling for \$15. Required Show work!!!! 1. Prepare the journal entry to record the sale of the bonds using the proportional method. 2. Prepare the journal entry to record the exencise of all warrants on March 19, 2019, when the market price of the stock was $50