Problem 16-1 The stockholders' equity section of Nash Inc. at the beginning of the current year appears below Common stock, $10 par value, authorized 954,000 shares, 307,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $3,070,000 553,000 614,000 During the current year, the following transactions occurred 1. The company issued to the stockholders 92,000 rights. Ten rights are needed to buy one share of stock at $35. The rights were void after 30 days. The market price of the stock at this time was $37 per share. 2. The company sold to the public a S 194 00 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 $33 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at s7 3. All but 4,600 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 10,800 shares of corpmon stock to company executives. The com model, determines that each option is worth $10. The option price is $33. The options were pany, using a fair value option-pricing to expire at year-end and were considered compensation for the current year. 6. All but 1,080 shares related to the stock-option plan were exercised by year-end. The expiration resulted because one of the executives failed to fulfil an obligation related to the employment contract. Prepare general journal entries for the current year to record the transactions listed above. (Credit account titles are automa entered. Do not indent manualily. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round intermediate calculations to 5 decimal places, eg. 1.24687 and final answers to 0 decimal places, e.g. 5,125. tically indented when amount is No. Account Titles and Explanation Debit Credit