Budget Leasing issued 500 shares of $20 par value convertible preferred stock at $22 per share. Each preferred share is converted to 7 shares of $4 par value common stock. The entry to record this conversion would include a
A) debit to Additional Paid-in Capital on Preferred Stock for $11,000.
B) credit to Common Stock for $11,000.
C) debit to Retained Earnings for $3,000.
D) credit to Additional Paid-in Capital from Preferred Stock Conversion for $3,000.
C
You might also like to view...
The price–quality association and prestige pricing are two aspects of _____
a. competition-oriented pricing b. cost-oriented pricing c. psychological pricing d. odd pricing
In order to improve social media marketing performance, digital marketers typically track selected metrics on a daily, ongoing basis through some form of social media marketing ________.
Fill in the blank(s) with the appropriate word(s).
Suppose the federal deficit increased sharply from one year to the next, and the Federal Reserve kept the money supply constant. Other things held constant, we would expect to see interest rates decline.
Answer the following statement true (T) or false (F)
Rick Richards is a waiter at the Misosis Club in Pennsylvania, receives the tipped minimum wage. During a 40-hour work week, how much must he earn in tips to meet the minimum wage requirement?
a. $166.90 b. $152.40 c. $126.20 d. $176.80 e. None of the above