In 2024, Sunland, Inc. issod 88500 shares of $100 par value convertible preferred stock for $103 per share. Each share of proferred stock can be converted into there shares of Sunlands $25 par vidue common stock at the opeson of the preferred stockholderin August 2025, all of the proferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $30 per share. What amount will be credited to additional paid in capital from common stock as a result of the conversion $7478000 $1504500 $11505000 ©$2212500
In 2024, Sunland, Inc. issod 88500 shares of $100 par value convertible preferred stock for $103 per share. Each share of proferred stock can be converted into there shares of Sunlands $25 par vidue common stock at the opeson of the preferred stockholderin August 2025, all of the proferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $30 per share. What amount will be credited to additional paid in capital from common stock as a result of the conversion $7478000 $1504500 $11505000 ©$2212500
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 5MC
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![In 2024, Sunland, Inc issued 88500 shares of $100 par value convertible preferred stock for $103 per share. Each share of proferred
stock can be converted into three shares of Sunlands $25 par value common stock at the opeson of the preferred stockholder
August 2025, all of the proferred stock was converted into common stock. The market value of the common stock at the date of the
conversion was $30 pershare: What amount will be credited to additional paid in capital from common stock as a result of the
conversion
52478000
Ⓒ$1504500
$1150500
Ⓒ52212500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F47ef3368-9dc6-493e-8bca-7964fc5ad254%2Fc78446a0-3cdd-4050-9cdc-2e4548e8f55a%2Fqv8t4os_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In 2024, Sunland, Inc issued 88500 shares of $100 par value convertible preferred stock for $103 per share. Each share of proferred
stock can be converted into three shares of Sunlands $25 par value common stock at the opeson of the preferred stockholder
August 2025, all of the proferred stock was converted into common stock. The market value of the common stock at the date of the
conversion was $30 pershare: What amount will be credited to additional paid in capital from common stock as a result of the
conversion
52478000
Ⓒ$1504500
$1150500
Ⓒ52212500
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