Hh1. On January 1, 2023, Sheridan Corp. issued $1.155 million of five-year, zero-interest-bearing notes along with warrants to buy 1.07million common shares at $21 per share. On January 1, 2023, Sheridan had 9.3 million common shares outstanding and the marketprice was $20 per share. Sheridan received $1.07 million for the notes and warrants. If offered alone, on January 1, 2023, the noteswould have been issued to yield 11% to the creditor. Assume that the company follows IFRS.(a)Your answer is partially correct.Prepare the journal entry to record the issuance of the zero-interest-bearing notes and warrants for the cash consideration thatwas received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to Odecimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entriesbefore credit entries.)DateJanuary1, 2023Account Titles and ExplanationCashNotes PayableContributed Surplus - Stock WarrantsDebit1070000Credit685492384507

Solution : Journal entry : Date Account titles & explanation Debit $ Credit $ January…

Answered: On January 1, 2023, Sheridan Corp.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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