Business, 07.03.2020 00:45 Joosee4075

500 shares of 6%, $100 par convertible preferred stock were issued at $103 per share. Each share is convertible into 20 shares of $5 par common stock. The journal entry to record conversion includes which of the following?
a) Dr. preferred stock $51,500.
b) Dr. retained earnings $1,500
c) Cr. paid in capital in excess of par, common $1,500.
d) Cr. common stock $51,500

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500 shares of 6%, $100 par convertible preferred stock were issued at $103 per share. Each share is...

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