On December 1, 2018, Waterway Industries issued at 102, 710 of
its 8%, $1,000 bonds. Attached to each bond was one detachable
stock warrant entitling the holder to purchase 10 shares of
Waterway’s common stock. On December 1, 2018, the market value of
the bonds, without the stock warrants, was 95, and the market value
of each stock purchase warrant was $50. The amount of the proceeds
from the issuance that should be accounted for as the initial
carrying value of the bonds payable would be:
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