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Stock Rights to Shareholders Nichols Electronics Corporation has been experiencing a steadily growing demand for its products. In order to meet this demand, a major expansion of production facilities is necessary. Nichols plans to raise the money for this proposed expansion by issuing 10,000 shares of $50 par preferred stock and 50,000 shares of $10 par common stock. These shares were previously authorized but have not yet been issued 3 There are presently 200,000 shares of $10 par common stock issued and outstanding. To maintain the preemp- tive right of the current shareholders, the board of directors authorizes the issuance of stock rights to the current common shareholders on March 2, 2016. The current market price of the common stock at this date is $24 per share. Each common shareholder is to receive one stock warrant for each share of common stock owned. One addi- tional share of common stock may be purchased at any time prior to April 7, 2016, for $23 and 4 of the stock warrants There are presently 20,000 shares of the $50 par preferred stock issued and outstanding. They were selling for S78 per share on March 4, 2016. No preemptive right applies to the preferred stock. In order to assure the sale of the additional 10,000 shares of the preferred stock, the board of directors also authorizes one stock warrant to be attached to each share of preferred stock in the new issue. One of these stock warrants allows the preferred share- holder to purchase one share of $10 par common stock for $18 per share at any time prior to April 7, 2016. The preferred shares with warrants attached are issued on March 5, 2016, at a price of $83 per share. The warrants begin trading in the market at $6 each 2016. The 3, 2016, at a price of $83 per share. The warrants begin 00 Cach Required: Prepare the entry to record the issuance of the common stock warrants on March 2,2016. Prepare journal entries to record the following transactions a. b. 2. The sale of the 10,000 shares of s50 par preferred stock with detachable warrants on March 5, 2016. The exercise on March 19, 2016, of 6,000 of the stock warrants that had been attached to the preferred stock (the common stock price is currently $24 per share and the preferred stock is selling ex rights for S79 per share). The exercise on April 2, 2016, of 120,000 stock warrants issued in conjunction with the preemptive right (the common stock is currently selling at $23.50 per share). The 4,000 stock warrants related to the preferred stock and the 80,000 stock warrants related to the pre- emptive right expire on April 6, 2016. c. d