On May 1, 2014, Casio Corporation issued $300,000 of 6% bonds at 99. Each $1,000 bond was sold with 15 detachable stock warrants, each permitting the investor to purchase one share of no-par common stock for $7. On the issuance date, the market value of the bonds was at 96 and the market value of each warrant was $3.

On February 1, 2015, 2,250 warrants were exercised when the stock price was $35. Create the journal entry to record the exercise of 2,250 warrants.