Hoffman Corporation issued $$60$ million of $5\%,20-$year bonds at $102.$ Each of the $60,000$ bonds was issued with $10$ detachable stock warrants, each of which entitled the bondholder to purchase, for $$20,$ one share of $$1$ par common stock. At the time of sale, the market value of the common stock was $$25$ per share and the market value of each warrant was $$5.$

Prepare the journal entry to record the issuance of the bonds.

Note: Enter your answers in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$ If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the issuance of the bonds.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$