Sandhill Ltd. issued 18,000 common shares on 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 $7,000. 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 for the amounts List all dierbit entries befo
Sandhill Ltd. issued 18,000 common shares on 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 $7,000. 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 for the amounts List all dierbit entries befo
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sandhill Ltd. issued 18,000 common shares on 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 $7,000. 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 O for the amounts. List all debit entries before credit entries)
Account Titles and Explanation
Preferred Shares
d Surplus-Conversion Rights
Common Shares
eTextbook and Medial
List of Accounts
Debit
126000
7000
Credit
133000
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