Any book entries required for warrants at or above FMV at time of grant? How about if slightly below FMV (85% rule apply?)

Warrants are generally required to be recorded at fair value. The pricing of the warrant (in, at, or out of the money) will impact the fair value measurement, but will not impact the timing of recognition. There are some cases when the terms of the warrant involve unresolved contingencies that would require waiting to record the warrant just because a value can't be measured until the contingencies are resolved. But most warrants can be valued immediately.

I find it helpful to think of warrant accounting like this: First compute the fair value. Now, forget it's a warrant and pretend it's cash equal to the value you computed. How would you account for that cash? That often helps cut through some of the confusion.

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