Question: CES INTER VERSION BACK NEXT Pro Com Ltd. Issues 8,100, 56 cumulative preferred shares (convertible into two common shares aplece) at $62, and 15,000 common

 CES INTER VERSION BACK NEXT Pro Com Ltd. Issues 8,100, 56
cumulative preferred shares (convertible into two common shares aplece) at $62, and

CES INTER VERSION BACK NEXT Pro Com Ltd. Issues 8,100, 56 cumulative preferred shares (convertible into two common shares aplece) at $62, and 15,000 common shares (at $30 each) at the beginning of 2012. During the years 2013 and 2014, the following transactions affected Pro Com's shareholders' equity accounts: 2013 Jan. 10 Pald $13,000 of annual dividends to preferred shareholders. 2014 Jan. 10 Paid annual dividend to preferred shareholders and a $3,700 dividend to common shareholders. Mar. 1 The preferred shares were converted into common shares. Journalize each of the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation 2013 Jan. 10 Debit Credit Date Account Titles and Explanation 2014 Jan. 10 Mar. 1 Are there any additional reporting requirements regarding preferred share dividends in either 2013 or 2014 The company needs to disclose dividends in arrears of $ in in the notes to the financial statements. Click if you would like to Show Work for this question: Open Show Work

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!