On July $1,2020,$ Tamarisk Corporation issued $$3,500,000$ of $9\%$ bonds payable in $20$ years.

Chapt

giving the bondholder the right to purchase for $$30$ one share of $$1$ par value common stock at any time during the next $10$ years. The bonds were sold for $$3,500,000.$ The value of the warrants at the time of issuance was $$135,000.$

Prepare the journal entry to record this transaction. $($If no entry is required, select $"$No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$