On July 1, year 7, Wing Corporation issued for 525,000 a total of 5,000 shares of 100 par, 10 noncumulative preferred stock, together with one detachable stock warrant for each share of preferred stock issued. Each warrant contained a right to acquire one share of wing’s 10 par common stock for K15 a share. The market price of the warrants on July 1, year 7, was K2.50 a warrant. On October 31, year 7, when the market price of the common stock was K 19 a share and a market price of the warrants was K3 warrant, 4,000 rights were exercised. Prepare a journey entry for Wing Corporation to record the exercised of the rights and the issuance of the common stock.

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