Please help me C. Assume that the 52,000 shares of preferred stock are callable for $12 per share at the option of the issuer, Gilmore. After issuing 1,300 shares of callable preferred stock onJanuary 1, 2020, for $12, Gilmore recalled 260 shares of preferred stock on June 30, 2020, for $12. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020.DateAccount NameDr.Cr.Jan. 1, 2020CashPreferred StockPaid-in Capital in Excess of Par-Preferred StockJune 30, 2020 Preferred StockCashPaid-in Capital-Treasury Stock0 xd. Assume that each of the 52,000 shares of preferred stock is convertible into 2 shares of common stock at the option of the stockholder. After issuing 1,300 shares of convertiblepreferred stock on January 1, 2020, for $12, 260 shares of preferred stock were converted into common stock on June 30, 2020. Record the entries for Gilmore on January 1, 2020,and on June 30, 2020, assuming that the fair value of the preferred stock was $16 per share on June 30, 2020.DateAccount NameDr.Cr.Jan. 1, 2020CashPreferred StockCashJune 30, 2020 Preferred StockCashCommon StockCash

Journal entry - It refers to the process where the business transactions are recorded in the books…

C. Assume that the 52,000 shares of preferred stock are callable for $12 per share at the option of the issuer, Gilmore. After issuing 1,300 shares of callable preferred stock on January 1, 2020, for $12, Gilmore recalled 260 shares of preferred stock on June 30, 2020, for $12. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020. Date Account Name Dr. Cr. Jan. 1, 2020 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock June 30, 2020 Preferred Stock Cash Paid-in Capital-Treasury Stock d. Assume that each of the 52,000 shares of preferred stock is convertible into 2 shares of common stock at the option of the stockholder. After issuing 1,300 shares of convertible preferred stock on January 1, 2020, for $12, 260 shares of preferred stock were converted into common stock on June 30, 2020. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020, assuming that the fair value of the preferred stock was $16 per share on June 30, 2020.

C. Assume that the 52,000 shares of preferred stock are callable for $12 per share at the option of the issuer, Gilmore. After issuing 1,300 shares of callable preferred stock on January 1, 2020, for $12, Gilmore recalled 260 shares of preferred stock on June 30, 2020, for $12. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020. Date Account Name Dr. Cr. Jan. 1, 2020 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock June 30, 2020 Preferred Stock Cash Paid-in Capital-Treasury Stock d. Assume that each of the 52,000 shares of preferred stock is convertible into 2 shares of common stock at the option of the stockholder. After issuing 1,300 shares of convertible preferred stock on January 1, 2020, for $12, 260 shares of preferred stock were converted into common stock on June 30, 2020. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020, assuming that the fair value of the preferred stock was $16 per share on June 30, 2020.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 10MC

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