Quoit, Inc. issued preferred stock with detachable common stock warrants. The issue price exceeded the sum of the warrants' fair value and the preferred stock's par value. The preferred stock's fair value was not determinable. What amount should be assigned to the warrants outstanding?
a. Total proceeds.
b. Excess of proceeds over the par value of the preferred stock.
c. The proportion of the proceeds that the warrants' fair value bears to the preferred stock's par value.
d. The fair value of the warrants.