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Sandhill Corporation is a regional company which is an SEC registrant. The corporation's securities are thinly traded on NASDAQ. Sandhill Corp. has issued 22,000 units. Each unit consists of a $1,100 par, 12% subordinated debenture and 22 shares of $11 par common stock. The units were sold to outside investors for cash at $1,936 per unit. Prior to this sale, the 2-week ask price of common stock was $88 per share. Twelve percent is a reasonable market yield for the debentures, and therefore the par value of the bonds is equal to the fair value. (a) Prepare the journal entry to record Sandhill's transaction, under the following conditions. (Round answers to O decimal places, e.g. $38,487. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) Employing the incremental method. (2) Employing the proportional method, assuming the recent price quote on the common stock reflects fair value. No. Account Titles and Explanation Debit Credit . 1. [ cash 42592000 Bonds Payable Common Stock common Stock Paid-in Capital in Excess of Par - Common Stock 1. 2. Cash 42592000 Discount on Bonds Payable Paid-in Capital in Excess of Par - Common Stock Bonds Payable 24200000 Common Stock 5324000