How does grading work The common stock has a current market value of 2450 per

# How does grading work the common stock has a current

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How does grading work? The common stock has a current market value of \$24.50 per share; the bonds are selling at 98. How does grading work? Instructions General Journal PAGE 1 GENERAL JOURNAL Score: 61/61 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Dec. 31 Cash 23,000.00 2 Common Stock 6,000.00 3 Additional Paid-in Capital on Common Stock 6,600.00 4 Bonds Payable 10,000.00 5 Premium on Bonds Payable 400.00 PAGE 1 GENERAL JOURNAL Score: 61/61 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Dec. 31 Cash 23,000.00 2 Discount on Bonds Payable 800.00 3 Common Stock 6,000.00 4 Additional Paid-in Capital on Common Stock 7,800.00 5 Bonds Payable 10,000.00
Convertible Preferred Stock Points: 7 / 7 Points: 18 / 18 On January 2, 2016, Bray Corporation issues 900 shares of \$100 par convertible preferred stock for \$117 per share. On January 7, 2017, all the preferred shareholders convert their shares to common stock Required: 1. Prepare the January 2, 2016, journal entry to record the issuance of the preferred stock. 2. Prepare the January 7, 2017, journal entry to record the conversion, assuming the preferred stock contract states that: a. each share of preferred stock is convertible into 7 shares of \$10 par common stock b. each share of preferred stock is convertible into 12 shares of \$10 par common stock Prepare the January 2, 2016, journal entry to record the issuance of the preferred stock. How does grading work? Prepare the January 7, 2017, journal entry to record the conversion, assuming the preferred stock contract states that: Additional Instruction a. each share of preferred stock is convertible into 7 shares of \$10 par common stock b. each share of preferred stock is convertible into 12 shares of \$10 par common stock How does grading work? Instructions General Journal PAGE 1 GENERAL JOURNAL Score: 37/37 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Jan. 2 Cash 105,300.00 2 Preferred Stock 90,000.00 3 Additional Paid-in Capital on Preferred Stock 15,300.00 PAGE 1 PAGE 2 GENERAL JOURNAL Score: 101/101 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Jan. 7 Preferred Stock

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