7. On March 1, 2022, Ruiz Corporation issued 800,000 of 8% nonconvertible bonds at 104 , which are due on February 28 , 2042. In addition, each 1,000 bond was issued with 25 detachable share warrants, each of which entitled the bondholder to purchase for 50 one share of Ruiz ordinary shares, par value 25. The bonds without the warrants would normally sell at 95 . On March 1, 2022, the fair value of Ruiz's ordinary shares was 40 per share and the fair value of the warrants was 2. Required: a. The journal entry to record the issuance of bond at March 1, 2022 b. The journal entry to record when bondholder purchase the ordinary shares