A company issued 96,000 preferred shares and received proceeds of $7,500,000. These shares have a par value of $47 per share and pay cumulative dividends of 13%. Buyers of the preferred shares also received a detachable warrant with each share purchased. Each warrant gives the holder the right to buy one common share at $31 per share within 10 years. The underwriter estimated that the market value of the preferred shares alone, excluding the conversion rights, is approximately $64 per share. Shortly after the issuance of the preferred shares, the detachable warrants traded at $8 each. Requirement Record the journal entry for the issuance of these shares and warrants. (Record debits first, then credits. Explanations are not required.)