Bramble Corporation issued 2,200 shares of $10 par value common stock upon conversion of 1,100 shares of $50 par value preferred stock. The preferred stock was originally issued at $57 per share. The common stock is trading at $25 per share at the time of conversion. Record the conversion of the preferred stock.

Q: On March 1, 20X5, Rya Corp. issued 1,000 shares of its $20 par value common stock and 2,000 shares…

A: Step 1: Compute the total market value.

Q: On January 3, 2016, Maris Corporation issued 4,000 shares of $50 par convertible preferred stock at…

A: The book value method is used instead of market value when preferred stock is converted to the…

Q: Skysong Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares…

A: Journal Entry :  Particulars Debit Credit Preferred Stock (950 * 50)  47,500   Paid in…

Q: At the end of its first year of operations, Mulligan Corporation has outstanding shares of 84,000…

A: Prepare the journal entry to record the issuance of stock during the year: Accounts title and…

Q: Unicharm Co. issued 80,000 shares of 5%, $100 par, convertible preferred stock on April 20, 2025 at…

A: Conversion of Preference shares Preference share holders get more beneficial out of in the companies…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par…

A:

Q: Vaughn Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares…

A: There is two types of stock. Preferred stock Common stock

Q: A company issued 18,000 shares of $25 par value common stock upon conversion of 27,000 shares of $35…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: Beach Company issued 5,000 shares of common stock (par value $2) upon conversion of 5,000 shares of…

A: Profit (loss) on conversion = Par value of shares issued on conversion - Par value of shares…

Q: Nexis Corp. issues 1,970 shares of $9 par value common stock at $17 per share. When the transaction…

A: The journal entry to record the issue of  shares as follows:

Q: On January 1, Tesla had 40,000 shares of $10 par value common stock issued and outstanding. All…

A: A treasury stock means a reacquired stock which is repurchased by the organization or company,…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $10 par…

A: Any amount paid in excess of the par value of share goes to Paid-in Capital in excess of Par.

Q: Rinehart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock…

A: Purchase price of each share = $275,600/5300                                                = $ 52

Q: night Corp. holds 20,000 shares of its $10 par common stock as treasury stock reacquired in Year1…

A: Treasury stock is that part of the common stock of the company that is re-purchased by the issuing…

Q: Graves Corporation issued 50,000 shares of $1 par value common stock. Later that year,Graves…

A:

Q: The Calvin Company issued 1,000, no par value, convertible preferred shares at $100 per share. Each…

A: Shareholder means the owner of the company who invested their money for the company growth or for…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 420,000 shares of $11 par…

A: The stockholders' equity section record the total investment and retained earnings that belong to…

Q: Black Diamond Inc. issues 2,500 shares of $1 par valuecommon stock and 1,000 shares of $50 par value…

A: a. Prepare journal entries for issuance of common shares and preferred shares when market value of…

Q: Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000…

A: Preferred Stock = No. of shares x Par value per share = 7,000 shares x $100 = $700,000

Q: Sweet company's outstanding stock consists of 1100 shares of cumulative 5% preferred stock with a…

A: Dividends are the part or share of profits that is being distributed to the shareholders in the…

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

A: Journal entries: Date Account journal Debit $ Credit $ Jan 31 Cash 1,632,000     Common stock…

Q: Pechstein Corporation issued 2,000 shares of $10 par value common stock upon conversion of 1,000…

A: Additional paid in capital in excess of par -common stock  = Preferred Stock + Additional paid in…

Q: At the end of its first year of operations, Mulligan Corporation has outstanding shares of 110,000…

A: The company issues preferred and common securities to raise capital. A fixed dividend is paid on…

Q: On January 1, Sweeney Corporation had 40,000 shares of $10 par value common stock issued and…

A: We have the following information: On January 1, Sweeney Corporation had 40,000 shares of $10 par…

Q: On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of…

A: Under cost method, Investment is recorded  along inclusive of any expenses incurred to acquire.…

Q: Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000…

A: Given that, Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share…

Q: Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock…

A: Purchase price per share = Total amount paid / No. of shares purchased = $270,000/5400 shares = $50…

Q: Recording the Sale of Common and Preferred Stock At the end of its first year of operations,…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: (a) On January 31, the board of directors issues a requirement to purchase 5,000 shares of its…

A: Particulars Debit Credit a       Jan 31 Treasury Stock 110000             Cash   (5000*22)…

Q: On December 2, Coley Corp. acquired 1,500 shares of its $3 par value common stock for $20 each. On…

A: Solution: Cost of treasury stock resold = 1100*$20 = $22,000

Q: On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding.…

A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…

Q: n January 1, Vermont Corporation had 41,000 shares of $12 par value common stock issued and…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: On January 1, Vermont Corporation had 49,400 shares of $11 par value common stock issued and…

A: On february 1,vermont purchased treasury stock for $ 24 and on march 1 it sold treasury stock for…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 310,000 shares of $8 par…

A: Stockholders' equity indicates the overall investment balance of the stockholders. It includes…

Q: On January 1, Vermont Corporation had 46,700 shares of $10 par value common stock issued and…

A: A journal entry is used to record a business arrangement in a company's accounting records. A…

Q: Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par…

A:

Q: On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Required:   Prepare journal entries to record the preceding treasury stock transactions for West…

A: Under the cost method, the treasury stock is recorded at the repurchased cost. When treasury stock…

Q: On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Emma Consulting had previously purchased 3,466 shares of treasury stock for $7 per share. Emma then…

A: Given,  3,600 shares purchased for $7 per share Sold 1,225 shares of treasury stock for $13 per…

Q: Blossom Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Workings:

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Richman Corporation has 100,000 shares of $5 par value common stock outstanding. It declares a 15%…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Journalize the transactions of February14, March 5, and June 2.

A: