On August 1, 2015, Schumpeter Conglomerates sold $265,000,000 15-year bonds with a coupon rate of 5% paid semi-annually. The market rate for a security of similar risk and maturity is 4%. Schumpeter Conglomerates hired Ivanovs Finance Shack to issue the securities at a cost of $1,500,000. Attached to each $125,000 bond are seven detachable warrants allowing for the purchase of 50 shares of no-par common stock for $15 per share. Each warrant is estimated to have a market value of $75. Record journal entries for the issuance of the bond, the first two interest payments, and any required adjusting entries for the fiscal year ending December 31, 2015.