Problem 7 (3 marks) Chanticleers Ltd. issued and sold 40,000 bonds ($100 face value each bond), at 103. Each bond included 30 detachable stock warrants. At issue, the warrants alone were trading at $0.40 and the bonds alone (with no attached warrants) were trading at 101. Required: Prepare the journal entry to record the issuance of the bonds and warrants, assuming that the compan employed ASPE and considered the warrants to be the more easily measurable component. Problem 8 (6 marks) On January 1, 2021, Wagner Ltd. (who follows IFRS) entered into a forward contract with Siri Inc. Wa agreed to exchange $95,000 for 1,000 kilograms of steel on February 15, 2021. The contract price is th value for that amount of steel on January 1, 2021. Wagner does not intend on taking delivery of the ste the forward contract has a net settlement provision and they intend to close the net cash position on Feb 15, 2021. On January 31, 2021, Wagner needs to prepare financial statements and the value of the stee $98,000. On February 15, 2021 the value of those steel was $95,800 and Wagner closed the contrac net basis. Required: a) Prepare any journal entries required on i) January 1, 2021 (1 mark) ii) January 31, 2021 (2 marks) iii) February 15, 2021 (2 marks) iv) Describe how the accounting would change if Wagner intended to take delivery of the ste February 15, 2021. No entries needed. (1 mark)