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On January 1,2014,TNT,Inc

Question 66

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On January 1,2014,TNT,Inc.issued 1,500 shares of $50 par value,convertible preferred shares for $150,000.Each preferred share is convertible into one share of $1 par common stock.On August 1,2015,all preferred shareholders converted their shares into common stock.What is the necessary journal entry to record the August 1st transaction?


A) On January 1,2014,TNT,Inc.issued 1,500 shares of $50 par value,convertible preferred shares for $150,000.Each preferred share is convertible into one share of $1 par common stock.On August 1,2015,all preferred shareholders converted their shares into common stock.What is the necessary journal entry to record the August 1st transaction? A) B) C) D)
B) On January 1,2014,TNT,Inc.issued 1,500 shares of $50 par value,convertible preferred shares for $150,000.Each preferred share is convertible into one share of $1 par common stock.On August 1,2015,all preferred shareholders converted their shares into common stock.What is the necessary journal entry to record the August 1st transaction? A) B) C) D)
C) On January 1,2014,TNT,Inc.issued 1,500 shares of $50 par value,convertible preferred shares for $150,000.Each preferred share is convertible into one share of $1 par common stock.On August 1,2015,all preferred shareholders converted their shares into common stock.What is the necessary journal entry to record the August 1st transaction? A) B) C) D)
D) On January 1,2014,TNT,Inc.issued 1,500 shares of $50 par value,convertible preferred shares for $150,000.Each preferred share is convertible into one share of $1 par common stock.On August 1,2015,all preferred shareholders converted their shares into common stock.What is the necessary journal entry to record the August 1st transaction? A) B) C) D)

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