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II. Work-Out Problems (31 points) 1. (6 points) Albert Corp. issued 2,000 shares of $50 par value preferred stock at $70 per share on 3/1/2017. A warrant is attached to cach share of preferred stock to allow the holder to purchase one share of S1 par common stock at S20 per share. Immediate after the issuance, the preferred began selling ex-right on the market for $68 per share while the warrant began selling for $5 per share. On 4/20/2017, 1,000 warrants were exercised Required: Prepare the journal entry to record the issuance of 1,000 shares of common stock on 4/20/2017 4/20/17 Common stock warrant 4,795 4795 II. Work-Out Problems (31 points) 1. (6 points) Albert Corp. issued 2,000 shares of $50 par value preferred stock at $70 per share on 3/1/2017. A warrant is attached to cach share of preferred stock to allow the holder to purchase one share of S1 par common stock at S20 per share. Immediate after the issuance, the preferred began selling ex-right on the market for $68 per share while the warrant began selling for $5 per share. On 4/20/2017, 1,000 warrants were exercised Required: Prepare the journal entry to record the issuance of 1,000 shares of common stock on 4/20/2017 4/20/17 Common stock warrant 4,795 4795