ACT3392SpringTraditionalHWChs16&17

ACT3392SpringTraditionalHWChs16&17 - HOMEWORK -...

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HOMEWORK - SPRING 2010 - ALL homework assignments must be completed by using some type of computer software program, e.g., word, excel. YOU WILL NOT RECEIVE FULL CREDIT FOR THE HOMEWORK UNLESS IT IS COMPLETED BY USING A COMPUTER. NO CREDIT WILL BE GIVEN FOR LATE HOMEWORK. When completing your homework assignments DO NOT use any abbreviations, e.g., spell out Governmental Accounting Standards Board instead of simply writing GASB. As discussed during class, you can work on these homework assignments in groups or as an individual. 1. (1 point) During 2007, Raycroft Corporation issued 2,000 shares of $100 par value convertible preferred stock for $125 per share. Each share of preferred stock can be converted into two shares of Raycroft’s $1 par value common stock. On June 30, 2009, 1,000 shares of the preferred stock were converted into 2,000 shares of common stock. On June 30, 2009, Raycroft’s common stock was trading on the NYSE at $200 per share. Record the entry that Raycroft should make on June 30, 2009 to reflect the stock conversion. 2.
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ACT3392SpringTraditionalHWChs16&17 - HOMEWORK -...

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