On August 1, 2021, Limbaugh Communications isstied $46 million of 10% nonconvertible bonds at 105. The bonds are due on July 31 1, 2041. Each $1,000 bond was issued with 20 detachable stock warrants, each of which entitled the bondholder to purchuse, for $50, one share of Limbaugh Communications' no par common stock. Interstate Containers purchased 20% of the bond issue. On August 1 , 2021. the market value of the common stock was $46 per share and the market value of each warrant was $5. In February 2032, when Limbaugh's common stock had a market price of $64 per share and the unamortized discount balance wis $1 million, Interstate Containers exercised the warrants it held. Required: 1. Prepare the journal entries on August 1. 2021, to record (o) the issuance of the bonds by Limbaugh and (b) the investment by Interstate. 2. Prepare the journal entries for both Limbaugh and interstate in February 2032, to record the exercise of the warrants. Complete this question by entering your answers in the tabs below. Prepare the journal entries on August 1, 2021, to record (a) the issuance of the bonds by Limbaugh and (b) the investment by Interstate. (if no-entry is required for a transoction/event, select "No journal entry reouired" In the first account fieid, Enter your answers in millions and round to 2 decimal places (1.e.,5,500,000 should be entered as 5.50)}. Journal entry worksheet Complete this question by entering your answers in the tabs below. Prepare the journal entries on August 1, 2021, to record (a) the issuance of the bonds by Limbaugh and (b) the investment by Interstate. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions and round to 2 decimal places (1.e., 5,500,000 should be entered as 5.50)). Journal entry worksheet Prepare the journal entries on August 1, 2021, to record (a) the issuance of the bonds by Limbaugh and (b) the imvestment by Interstate. (if no entry is required for a transiction/event, select "No journal entry required" in the first account field. Enter your answers in millions and round to 2 decimal places (1.e., 5,500,000 should be entered a5 5.50)). Journal entry worksheet Prepare the journal entries for both Limbaugh and interstate in February 2032, to record the exercice of the warrants. (If no entiy is 2 reguired for a transaction/event, select "No fournat entry required" in the first account field. Enter your answers in mililisis and round to 2 decimal ploces (1.e, 5,500,000 should be entered as 5.50). Journal entry worksheet Record the exercise of the warrants for umbaugh. Motet Enter detats belore crecada. regulied for a trangactives ror porn umbaugh and interstate in February 2032, to record the exercise of the warrants, (II no entry is 2 decimal places (t,e, 5,500,000 shoula be entered as 5,50 ). 2 decimal places (0,e,5,500,000 shoula be entered as 5,50).) Journal entry worksheet Record the exercise of the warrants for Interstate. Iasta: fintm detwe before oredis