A corporation purchased as an FVTPL investment 200 shares of preferred of Y Corporation that cost $50 per share.
In the same year, the preferred shares were exchanged for 400 shares of no-par common of Z Corporation. At the date of exchange, the preferred stock was selling at $37.50 per share. Give the entry to record this direct exchange of shares.

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The Answer of A corporation purchased as an FVTPL investment 200 shares of preferred of Y Corporation that cost $50 per share.
In the same year, the preferred shares were exchanged for 400 shares of no-par common of Z Corporation. At the date of exchange, the preferred stock was selling at $37.50 per share. Give the entry to record this direct exchange of shares.

A Corporation Purchased as an FVTPL Investment 200 Shares of Preferred