During 2019, Honeymooners Companies issued 4,000 preferred shares with par value of $ 1 to $ 11 each. Each preferred share can be exchanged (convert), at the option of the holder (investor), for three Honeymooners common shares with par value of $ 2. In April 2020, all preferred shares were exchanged. At the time of the exchange, how much must Honeymooners credit to the contributed capital account in excess of par value of commons? Select one: to. $ 44,000 b. $ 0 c. $ 40,000 d. $ 20,000
During 2019, Honeymooners Companies issued 4,000 preferred shares with par value of $ 1 to $ 11 each. Each preferred share can be exchanged (convert), at the option of the holder (investor), for three Honeymooners common shares with par value of $ 2. In April 2020, all preferred shares were exchanged. At the time of the exchange, how much must Honeymooners credit to the contributed capital account in excess of par value of commons? Select one: to. $ 44,000 b. $ 0 c. $ 40,000 d. $ 20,000
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
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 5MC
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During 2019, Honeymooners Companies issued 4,000 preferred shares with par value of $ 1 to $ 11 each. Each
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