During 2009, Cyber Company issued 1,000 shares of $10 par convertible preferred stock for $12 per share. One share of preferred stock can be converted into five shares of Cyber's $1 par common stock at the option of the preferred shareholder. On December 31, 2010, when the market value of the common stock was $5 per share, all of the preferred stock was converted. What amount should Cyber credit to Common Stock and to Additional Paid-in Capital as a result of the conversion? Common stock Additional paid-in capital $5,000, $7,000 $5,000, $20,000 $10,000, $2,000 $2,000, $10,000

During 2009, Cyber Company issued 1,000 shares of $10 par convertible preferred stock for $12 per share. One share of preferred stock can be converted into five shares of Cyber's $1 par common stock at the option of the preferred shareholder. On December 31, 2010, when the market value of the common stock was $5 per share, all of the preferred stock was converted. What amount should Cyber credit to Common Stock and to Additional Paid-in Capital as a result of the conversion? Common stock Additional paid-in capital $5,000, $7,000 $5,000, $20,000 $10,000, $2,000 $2,000, $10,000

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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