On May 1,2022,XYZ Co. issued $300,000 of 7% bonds at 103, which are due on April 30,2032. Twenty (20) detachable stock warrants entitling the holder to purchase for $40 one share of XYZ 's Common Stock, $15 par value, were attached to each $1,000 bond. The bonds without the warrants would sell at 96 . On May 1,2022 , the fair value of XYZ's Common Stock was \$35 per share and of the warrants was \$2 each. Prepare a journal entry on May 1,2022 to record the issue of bonds and detachable warrants using the Proportional Method