Sunland Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value preferred stock. The preferred stock was originally issued at $54 per share. The common stock is trading at $28 per share at the time of conversion. Record the conversion of the preferred stock. (List all debit entries before credit entries. 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 O for the amounts) Account Titles and Explanation Debit Credit
Sunland Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value preferred stock. The preferred stock was originally issued at $54 per share. The common stock is trading at $28 per share at the time of conversion. Record the conversion of the preferred stock. (List all debit entries before credit entries. 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 O for the amounts) Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sunland Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value preferred
stock. The preferred stock was originally issued at $54 per share. The common stock is trading at $28 per share at the time of
conversion.
Record the conversion of the preferred stock. (List all debit entries before credit entries. 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 O for the amounts.)
Account Titles and Explanation
Debit
Credit
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