Century Ltd. issued 15,000 common shares upon conversion of 10,000 preferred shares. The preferred shares were originally issued at $8 per share and the Contributed Surplus—Conversion Rights account for the preferred shares had a balance of $8,000. The common shares were trading at $13 per share at the time of conversion. Record the conversion of the preferred shares.
Answer to relevant QuestionsAccent Capital Ltd. issued 500 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 97, and the warrants had a market value of $27. Record the ...Perkins, Inc. established a stock appreciation rights (SARs) program on January 1, 2011, which entitles executives to receive cash at the date of exercise for the difference between the shares’ market price and the ...Sandbox Corporation reported net income of $700,000 in 2011 and had 115,000 common shares outstanding throughout the year. Also outstanding all year were 9,500 of cumulative preferred shares, with each being convertible into ...Bentley Corporation had 120,000 common shares outstanding on January 1, 2011. On May 1, 2011, Bentley issued 65,000 shares. On July 1, Bentley repurchased and cancelled 22,000 shares. Calculate Bentley's weighted average ...Mininova Corporation is preparing earnings per share data for 2012. The net income for the year ended December 31, 2012, was $400,000 and there were 60,000 common shares outstanding during the entire year. Mininova has the ...
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