Lakeshore Gelato issues $2,500$ shares of $$30$ par preferred stock with detachable warrants for $$215,000$ on January $1,20$Y$1.$ Each share of preferred stock is issued with $10$ detachable warrants. Each warrant entitles the holder to purchase one share of common stock for $$25.$ The warrants expire in $2$ years. The fair market value of the preferred stock is $$145,000$ on January $1,20$Y$1,$ and the warrants sell for $$3$ per warrant.

On July $1,20$Y$2,$ the warrants are exercised to purchase common stock $($with a par value of $$10$ per share$).$ The exercise price is $$25$ per share.

Record the Lakeshore Gelato Entries $($rounded to the penny$)$ for:

$(1)$ Issuance $($round the aggregate value percentage to two decimals ie $75\mathrm{.}45\%)$

$(2)$ Exercise of Warrants