Question: On May 1 , 2 0 2 3 , Flint Ltd . issued $ 5 2 0 0 0 0 , 1 0 year, 7

On May 1,2023, Flint Ltd. issued $520000,10 year, 7% bonds at 104. Twenty detachable warrants were attached to each $1000 bond, which entitled the holder to purchase one of Flint's no par value common shares for $40. At this time, similar bonds without warrants were selling at 94. It was determined that the fair value of Flint's common shares was $34, but the value of the warrants was NOT determinable. Flint is a private corporation that follows ASPE, but does NOT use the residual method. On May 1,2023, Flint should credit Contributed Surplus -Stock Warrants for: 1) $15600.2) $20800.3) $36400.4) $0
On May 1 , 2 0 2 3 , Flint Ltd . issued $ 5 2 0 0

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