Question: Need help with this! On August 1, 2018, Limbaugh Communications issued $300,000 of10% nonconvertible bonds at 105. Each $1,000 bond was issued with 10 detachable

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On August 1, 2018, Limbaugh Communications issued $300,000 of10% nonconvertible bonds at 105. Each $1,000 bond was issued with 10 detachable stock warrants, each of which entitled the bondholder to purchase, for $20, one share of Limbaugh's no par common stock. At that date, the market value of each warrant was $12. When Limbaugh's common stock had a market price of $25 in February 2025, 30% of the stock warrants were exercised. What amount of cash receipt should Limbaugh record when 30% of the warrants were exercised

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