On August 1, 2022, United Corporation issued $10 million of convertible bonds at 105. The bonds mature in 20 years. Each $1,000 bond was issued with 20 detachable stock warrants, each of which entitled the bondholder to purchase, for $50, one share of United $5 par common stock, World Company purchased 10% of the bond issue. On August 1, 2022, the market value per share for United stock was $56 and the market value of each warrant was $6. In March 2028, when United common stock had a market price of $70 per share and the namortized premium balance was $300,000, World exercised the warrants it held. Required: 1. Prepare the journal entries on August 1, 2022, to record the issuance of the bonds by United. 2. record the exercise of the warrants. Prepare the journal entries by United in March 2028 to