Ask Question, Ask an Expert


Ask Accounting Basics Expert

On January 3, 2010, Martin Corporation issued 4,000 shares of $50 par convertible preferred stock at $90 per share. Each share is convertible into four shares of $10 par common stock.

REQUIRED problemS:

a. Prepare the journal entry to record the issuance of the stock on January 3, 2010.

b. On March 5, 2012, each share of preferred was converted. Prepare the journal entry to record this conversion.

c. Assume that instead of the above circumstances regarding conversion, the company agrees to convert each share of preferred into 10 shares of $10 par common stock on March 5, 2012. Prepare the journal entry to record this conversion.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940345

Have any Question? 

Related Questions in Accounting Basics

Question 1 accounting equation determine the missing amount

Question 1: Accounting Equation Determine the missing amount in each of the following cases:    Assets                          Libilities              stockholders' Equity a. $200,000                     $85,000         ...

The commissioners for walker county are actively

The commissioners for Walker County are actively negotiating with Falcon Industries regarding the location of a new manufacturing plant in the area. As Falcon is considering several other sites, a "generous tax holiday" ...

Choose a manufacturing company as a basis for this

Choose a manufacturing company as a basis for this discussion. Select one of the following variances: • direct material price variance, • direct labor price variance, • direct material efficiency variance, • direct labor ...

Assignmentthis assignment has 2 parts 1000 10 word theory

Assignment This assignment has 2 parts, 1000 + 10% word theory interpretation essay and a response to a practical application of the theory. The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sur ...

Problem - journalizing transactions the chart of account

Problem - Journalizing Transactions The chart of account for Jerome Gelacio Pest Control is as follows: Assets Income 110 Cash 410 Landscaping Revenues Expenses 120 Accounts Receivable 510 Salaries Expense 130 Prepaid In ...

Problemshareholders equity transactions and statement of

Problem Shareholders' Equity Transactions and statement of Financial position presentation The shareholder's equity og M. Gangoso corporation at Jan 1, 2016 appers below: *% preference share, P250 par, 15,000 shares auth ...

We assumed that the sample building was not occupied it

We assumed that the sample building was not occupied. It consisted purely of capital amounts. But in the real world, part of the return earned by a building owner is rent. Now assume that rent of $11,000 is paid strictly ...

Accounting questionsin the last module we discussed the

Accounting Questions: In the last module we discussed the reactive approach that can (and has been) taken by corporations to identify current fraudulent activities. The issue with this approach is that by the time corpor ...

Accounting concepts and practices assignment-you are an

Accounting Concepts and Practices Assignment- You are an accountant at WCP Accountants & Investment Advisers. You have been approached by a client for your professional advice on investing in Woolworths Ltd. Your client ...

Assignment detailsas at the 1stmay katy perry establishes a

Assignment Details: As at the 1stMay, Katy Perry establishes a new business Katie's Bridal Services as a sole trader. The business will hire out bridal gowns and other accessories as well as provide professional services ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate