**Current Attempt in Progress**Grouper Corporation is authorized to issue common and $3 convertible preferred shares. Each preferred share is convertible into four common shares. On July 2, the company issued 92,000 preferred shares for $110 per share. The common shares were trading at $25.00 on September 7, $27.50 on September 19, and $29.00 on September 28.Journalize the conversion of the preferred shares on September 19. *(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. List debit entry before credit entry.)*| Date | Account Titles | Debit | Credit ||-----------|----------------|-------|--------|| Sept. 19 | | | |(Note: The image does not provide specific account titles or amounts, so placeholders are provided. The date specifies when the journal entry should occur.)

Total value of the preferred shares- on September 19 th = Number of preferred shares × Conversion…

Answered: Current Attempt in Progress Grouper…

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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On January 1, Vermont Corporation had 41,000 shares of $12 par value common stock issued and outstanding. All 41,000 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,080 shares of treasury stock for $28 per share and later sold the treasury shares for $20 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include what?
Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 49,500 shares for cash at $53 per share. July 1 Issued 64,500 shares for cash at $58 per share. - Your answer is partially correct. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Feb.1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 2332000 3741000 Credit 2475000 132000 3225000 516000
Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and outstanding. All 46,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,010 shares of treasury stock for $24 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a
Owe
Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when 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.)
Blossom Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 49,600 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $10,900, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $101 a share. Issued 510 shares of common stock for equipment. The equipment had been appraised at $7,300; the seller's book value was $6,100. The most recent market price of the common stock is $17 a share. Issued 252 shares of common and 126 shares of preferred for a lump sum amounting to $10,400. The common had been selling at $15 and the preferred at $70. Issued 180 shares of common and 53 shares of preferred for equipment. The common had a fair value of $17 per share: the equipment has a fair value of $6,600. Record the transactions listed above in journal entry form.…
Dengar
Subject: acounting
hester Inc. issued shares of its $6.60 par value common stock for $17.00 per share. In recording the issuance of the stock, Chester credited the Additional Paid-In Capital—Common Stock account for $1,060,800. Required: How many shares were issued?fill in the blank 1 shares

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