Business, 20.12.2019 23:31 MathChic68

On july 1, 2018, crane company issued for $945 a total of 9 shares of $100 par value, 8% noncumulative preferred stock along with one detachable warrant for each share issued. each warrant contains a right to purchase one share of crane $10 par value common stock for $15 per share. the stock without the warrants would normally sell for $9216000. the market price of the rights on july 1, 2018, was $2.40 per right. on october 31, 2018, when the market price of the common stock was $18 per share and the market value of the rights was $3.10 per right, 36000 rights were exercised.
1. as a result of the exercise of the 36000 rights and the issuance of the related common stock, what journal entry would crane make?

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On july 1, 2018, crane company issued for $945 a total of 9 shares of $100 par value, 8% noncumulati...

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