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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

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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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
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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