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Blossom Ltd. issued 19,000 common shares upon conversion of 14,000 preferred shares. The conversion involved all preferred shares outstanding. The preferred shares were originally issued at $9 per share and the Contributed Surplus—Conversion Rights account for the preferred shares had a balance of $6,000. The common shares were trading at $14 per share at the time of conversion. Record the conversion of the preferred shares. (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 0 for the amounts.)  Do not give answer in image

Blossom Ltd. issued 19,000 common shares upon conversion of 14,000 preferred shares. The conversion involved all preferred shares outstanding. The preferred shares were originally issued at $9 per share and the Contributed Surplus—Conversion Rights account for the preferred shares had a balance of $6,000. The common shares were trading at $14 per share at the time of conversion. Record the conversion of the preferred shares. (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 0 for the amounts.)  Do not give answer in image

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom Ltd. issued 19,000 common shares upon conversion of 14,000 preferred shares. The conversion involved all preferred shares outstanding. The preferred shares were originally issued at $9 per share and the Contributed Surplus—Conversion Rights account for the preferred shares had a balance of $6,000. The common shares were trading at $14 per share at the time of conversion.

Record the conversion of the preferred shares. (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 0 for the amounts.) 

Do not give answer in image 

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