Solo Corporation issued 1,000, no par value, convertible preferred shares at $ 100 per share. Each share is convertible into 10 common shares. When the market values of the two classes of shares are $ 101 and $ 13, respectively, 150 preferred shares are converted into common shares.
Instructions
a) Journalize the conversion of the 150 shares.
a) assuming that the market values at conversion are $ 103 and $ 20, respectively.
b) Repeat

Question

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The Answer of Solo Corporation issued 1,000, no par value, convertible preferred shares at $ 100 per share. Each share is convertible into 10 common shares. When the market values of the two classes of shares are $ 101 and $ 13, respectively, 150 preferred shares are converted into common shares.
Instructions
a) Journalize the conversion of the 150 shares.
a) assuming that the market values at conversion are $ 103 and $ 20, respectively.
b) Repeat

Solo Corporation Issued 1,000, No Par Value, Convertible Preferred Shares