Current Attempt in ProgressGrouper Corporation is authorized to issue common and $3 convertible preferred shares. Each preferred share is convertible into fourcommon shares. On July 2, the company issued 92,000 preferred shares for $110 per share. The common shares were trading at$25.00 on September 7, $27.50 on September 19, and $29.00 on September 28.Journalize the conversion of the preferred shares on September 19. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debit entrybefore credit entry)Date Account TitlesSept. 19DebitCredit

Total value of the preferred shares- on September 19 th = Number of preferred shares × Conversion…

Answered: Current Attempt in Progress Grouper…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On March 1, the company issued 50,000 preferred shares with a 5% cumulative dividend for $10 per share. The preferred shares are redeemable, but not retractable. In addition, the preferred shares can be converted into common shares at any time, at a ratio of 1-to-1. Prepare the journal entries and discusses the recognition, measurement, and presentation of the financial instruments issued.
Riverbed Corporation is authorized to issue common and $3 convertible preferred shares. Each preferred share is convertible into four common shares. On July 2, the company issued 100,000 preferred shares for $110 per share. The common shares were trading at $25.70 on September 7, $27.50 on September 19, and $30.70 on September 28.Journalize the conversion of the preferred shares on September 19. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Sept. 19 (To record the conversion of shares.)
On January 3, 2018, Maris Corporation issued 4,000 shares of $50 par convertible preferred stock at $90 per share. Each share is convertible into four shares of $10 par common stock. Required: a. Prepare the journal entry to record the issuance of the stock on January 3, 2018. b. On March 5, 2020, each share of preferred was converted. Prepare the journal entry to record this conversion. c. Assume that instead of the above circumstances regarding conversion, the company agrees to convert each share of preferred into ten shares of $10 par common stock on March 5, 2020. Prepare the journal entry to record this conversion.
Vargo Company has bonds payable outstanding in the amount of $500,000, and the Premium on Bonds Payable account has a balance of $7,500. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock. Instructions Assuming that the book value method was used, what entry would be made?
Answer the following:a. On July 6, Omanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Duqm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions.Jan. 15 Issued 520,000 ordinary shares at RO 2.50 per share.Provide the journal entry for January 15.
Bridgeport Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 22,500 shares for cash at $56 per share. July 1 Issued 14,000 shares for cash at $60 per share. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Feb. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock eTextbook and Media List of Accounts Debit 1260000 840000 Credit 11250C 1350C 7000C 1400C Assistance Used Assistance Used Post to the stockholders' equity accounts. (Post entries in the order of journal entries…
On 30 March 20X4, Jason Inc subscribed to purchase 1, 600 common shares of BIT - Split Corporation for $14 per share. Jason Inc paid the subscription amount in 2 equal installments on 7 May 20X4 and 16 July 20 x4. Required: Prepare the journal entry to record the stock subscription and purchase of shares. (If no entry is required for a transaction/even select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 Prepare the journal entry required on 30 March 20X4: Note: Enter debits before credits. \table [[Date, General Journal, Debit,Credit], [30 March 20X4,,, ], [...], [...]]
Riverbed Services Inc. issued 1,000 $2 convertible preferred shares at $75 and 5,600 common shares at $25 each in 2022. Each preferred share is convertible into three common shares. On March 15, 2023, preferred shareholders converted 110 preferred shares into common shares. Record the conversion. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 49,500 shares for cash at $53 per share. July 1 Issued 64,500 shares for cash at $58 per share. - Your answer is partially correct. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Feb.1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 2332000 3741000 Credit 2475000 132000 3225000 516000
Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 47,000 shares for cash at $52 per share. July 1 Issued 62,500 shares for cash at $56 per share. Date Account Titles and Explanation Debit Credit choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a…
Metlock Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value preferred stock. The preferred stock was originally issued at $65 per share. The common stock is trading at $27 per share at the time of conversion.Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title
Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 104,000 shares for cash at $141 per share. July 1 Issued 165,600 shares for cash at $146 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Post to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock

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