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.)

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.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9EA: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and...

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