On May 1, 2020, XYZ Co. issued $300,000 of 7% bonds at 103, which are due on April 30, 2030. Twenty (20) detachable stock warrants entitling the holder to purchase for $40 one share of XYZs Common Stock, $15 par value, were attached to each $1,000 bond. The bonds without the warrants would sell at 96. On May 1, 2020, the fair value of XYZs Common Stock was $35 per share and of the warrants was $2 each. Prepare a journal entry on May 1, 2020 to record the issue of bonds and detachable warrants using the Proportional Method