On August 1, 2022, United Corporation issued $10.60 million of 6% bonds at 103. The bonds mature in 20 years. Each $1,000 bond was issued with 15 detachable stock warrants, each of which entitled the bondholder to purchase, for $56, one share of United $5 par common stock. World Company purchased 20% of the bond issue. On August 1, 2022, the market value per share for United stock was $62 and the market value of each warrant was $7. In March 2028, when United common stock had a market price of $76 per share and the unamortized premium balance was $360,000, World exercised the warrants it held. Required: 1. Prepare the journal entries on August 1, 2022, to record (A) the issuance of the bonds by United and (B) the investment by World. 2. Prepare the journal entries for both companies in March 2028 to record the exercise of the warrants