1. Albert Corp. issued 2,000 shares of $50 par value preferred stock at $70 per share on 3/1/2021. To promote sales of preferred stock, a warrant is attached to each share of preferred stock to allow the holder to purchase one share of $1 par common stock at $20 per share. Immediate after the issuance, the preferred began selling ex-right on the market for $68 per share while the warrant began selling for $5 per share. On 4/20/2021, 1,000 warrants were exercised. The entry to record the issuance of 2,000 shares of preferred stock on 3/1/2021 will include:
   1. Debit Cash $146,000
   2. Credit Paid-In Capital-Stock Warrants $9,589
   3. Credit Preferred Stock $130,441
   4. Debit Additional Paid-In Capital-Preferred Stock $30,441
2. Using the information of question 1 on Alber Corp.'s issuance of preferred stock with warrants attached, the journal entry to record the issuance of 1,000 shares of common stock upon the exercise of 1,000 warrants on 4/20/2021 will include:
   1. Credit Cash $20,000
   2. Debit Common Stock $1,000
   3. Credit Additional Paid-In Capital-Common Stock $23,795
   4. Debit Paid-In Capital-Stock Warrants $9,589
3. Using the information of question 1 on Alber Corp.'s issuan of preferred stock with warrants, the journal entry to record the expiration of 1,000 warrants expired on 7/15/2021 will include:
   1. debit Paid-in Capital - Stock Warrants $4,795.
   2. credit Paid-in Capital - Stock Warrants $4,795.
   3. debit Paid-in Capital - Stock Warrants $9,589.
   4. credit Paid-in Capital - Stock Warrants $9,589.