In its first year of operations. Sonny and Shares Corp. had the following transactions pertaining to its convertible preferred shares and common shares. The preferred dividend rate is $2 per share. 1 Issued 10.000 common shares at S10 per share Feb. 1 Issued 3,000 preferred shares for cash at $41 per share. July 1 Declared annual preferred dividends. Nov Jan. Converted 1.000 preferred shares to common shares when the market value of the preferred shares was $42 and the market value of the common shares was $20. One share of preferred is convertible to 10 common shares. 1

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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can you please journalize the transactions

 

In its first year of operations. Sonny and Shares Corp. had the following transactions pertaining to its convertible
preferred shares and common shares. The preferred dividend rate is $2 per share.
1 Issued 10.000 common shares at S10 per share
Feb. 1 Issued 3,000 preferred shares for cash at $41 per share.
July 1
Nov.
Jan
Declared annual preferred dividends.
Converted 1.000 preferred shares to common shares when the market value of the preferred shares
was $42 and the market value of the common shares was $20. One share of preferred is convertible
to 10 common shares.
Transcribed Image Text:In its first year of operations. Sonny and Shares Corp. had the following transactions pertaining to its convertible preferred shares and common shares. The preferred dividend rate is $2 per share. 1 Issued 10.000 common shares at S10 per share Feb. 1 Issued 3,000 preferred shares for cash at $41 per share. July 1 Nov. Jan Declared annual preferred dividends. Converted 1.000 preferred shares to common shares when the market value of the preferred shares was $42 and the market value of the common shares was $20. One share of preferred is convertible to 10 common shares.
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