Bonds Payable (8 year, 8.5%, nonconvertible)=$ 15,000,000
The Bonds Payable (8.5%) are dated January 1, 2008 and were sold at 97.5 (plus the market value of the detachable warrants) on the same day. Corbin, Co amortizes the discount on the straight-line method and pays interest annually on December 31. Each $1,000 bond comes with two detachable warrants. Each warrant is for one share of common stock at a specified option price of $20 per share.
On January 1, 2008, what was the market price of one detachable warrant (on the 8.5% bonds)