Problem 16-01 (Part Level Submission) The stockholders' equity section of Skysong Inc, at the beginning of the current year appears below. Common stock, $10 par value, authorized 953,000 shares, 284,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $2,840,000 644,000 578,000 During the current year, the following transactions occurred. 1. The company issued to the stockholders 99,000 rights. Ten rights are needed to buy one share of stock at $32. The rights were void after 30 days. The market price of the stock at this time was $34 per share. 2. The company sold to the public a $198,000, 10% bond issue at 103. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common stock at $30 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $7. 3. All but 4,950 of the rights issued in (1) were exercised in 30 days. 4. At the end of the year, 80% of the warrants in (2) had been exercised, and the remaining were outstanding and in good standing. 5. During the current year, the company granted stock options for 9,700 shares of common stock to company executives. The company, using a fair value option-pricing model, determines that each option is worth $10. The option price is $30. The options were to expire at year-end and were considered compensation for the current year. 6. All but 970 shares related to the stock-option plan were exercised by year-end. The expiration resulted because one of the executives failed to fulfill an obligation related to the employment contract. (a) Your answer is partially correct. Try again. Prepare general journal entries for the current year to record the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round intermediate calculations to 5 decimal places, e.g. 1.24687 and final answers to 0 decimal places, e.g. 5,125.) No. Account Titles and Explanation Debit Credit > 1. No Entry 0 No Entry 0 2. TCash 47520 Paid-in Capital in Excess 01 11088 x Common Stock 1584 X Paid-in Capital in Exces 57024 3. Cash 300,960 Paid-in Capital in Exces 206910 Common Stock 94050 4. No Entry No Entry X No Entry No Entry 5. No Entry X No entry 0 6. For options exercised: Cash 261900 Paid-in Capital-Stock Warri 87300 Common Stock 8730 Paid-in Capital in Exces 340470 For options lapsed: No Entry 0 No entry 0 Click if you would like to Show Work for this question: Open Show Work