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monitta
3 years ago
7

In 2020, Marigold Corp., issued for $102 per share, 86000 shares of $100 par value convertible preferred stock. One share of pre

ferred stock can be converted into three shares of Marigold's $25 par value common stock at the option of the preferred stockholder. In August 2021, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $30 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?
Business
1 answer:
lapo4ka [179]3 years ago
4 0

Answer:

$2322,000

Explanation:

The computation of amount credited to additional paid-in capital is shown below:-

Amount credited to additional paid-in capital = Issued per share × Number of shares) - (Number if shares × Preferred stock shares converted into three shares × Par value of common stock

= ($102 × 86,000) - (86,000 × 3 × $25)

= $8,772,000 - $6,450,000

= $2322,000

So, for computing the amount credited to additional paid-in capital we simply applied the above formula.

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There are a number of specific steps in the appraisal process. What is the final step?
ra1l [238]

Answer:

To Prepare an appraisal report

Explanation:

The steps which are involved  in the appraisal process are:

1. Stating the purpose.

2. Listing the data needed and its source

3. Gathering, recording and verifying the data.

4. Gathering, recording and verifying the specific data.

5. Gathering, recording and verifying the data for each approach.

6. Analyzing and interpreting the data.

7. Reconciling the data for the final estimation.

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8 0
3 years ago
A company pays each of its two office employees each Friday at the rate of $210 per day for a five-day week that begins on Monda
marusya05 [52]

Answer:

Correct answer is:

Debit Salaries Expense $840

Credit Salaries Payable $840

Explanation:

2 employees each paid at $ 210 per day so daily salary expense is $210*2 = $420.

The accounting period ends on Tuesday and both employees work for Monday and Tuesday so the 2 days salaries expense is $420*2= $840.

As the salaries are paid on every Friday so there is a liability on a company for the 2 days salary payable to be recorded on accounting period close date i.e Tuesday.

4 0
3 years ago
Read 2 more answers
Pharoah Chemicals management identified the following cash flows as significant in its year-end meeting with analysts: During th
7nadin3 [17]

Answer:

Net cash provided by financing activities = $284,280

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Net cash provided by financing activities = Additional debt - Repayment of existing debt - stock repurchase

Net cash provided by financing activities = $645,000 - $315,900 - $44,820

Net cash provided by financing activities = $284,280

4 0
3 years ago
A certificate of deposit offers a nominal interest rate of 3.5 percent annually.
Snezhnost [94]
I’m pretty sure the answer is c
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Imari brown is attending community college. she has 1000 of educational expenses. she claims herself on her tax return. she is t
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3 years ago
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