H&Y Company issued 2,000 shares of $100 par value 8% convertible preference shares for $102 cash...

 

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H&Y Company issued 2,000 shares of $100 par value 8% convertible preference shares for $102 cash per share. Each preference share is convertible to 3 ordinary shares of par value $10. Assume that 800 shares were converted. Required 1) Record the Journal Entry for issuance. 2) Record the Journal Entry for conversion. No. 1) 2) Accounts Answer Dr. Cr. H&Y Company issued 2,000 shares of $100 par value 8% convertible preference shares for $102 cash per share. Each preference share is convertible to 3 ordinary shares of par value $10. Assume that 800 shares were converted. Required 1) Record the Journal Entry for issuance. 2) Record the Journal Entry for conversion. No. 1) 2) Accounts Answer Dr. Cr.