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EXAMPLE On January 1,2020 , Friendly Company issued 2,000 non-convertible $1,000 bonds at 102 . Each bond was issued with two detachable stock warrants. Shortly after issuance, the bonds were selling at 98 and the fair value of the warrants was \$15. Net income for the year ending December 31,2020 was $230,000 and the average number of shares outstanding was 200,000 . The tax rate was 30%. On January 1,2022, half of the warrants were exercised. Instructions a. Prepare the entry to record the issuance of the bonds and warrants. b. Calculate EPS and diluted EPS for 2020. c. Prepare the entry for 1/1/2022 for the exercise of half of the warrants