The right answer for the question that is being asked and shown above is that: "TRUE." <span>Convertible preferred stock may be exchanged, at the corporation's option, for a specified number of shares of common stock. This is true as far as the convertible preferred stock is concerned.</span>
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Answer:
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Answer:
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Answer:
paid in capital in excess of par value = $2000
and There will be a debit to Organisation expenses for $4,700
Explanation:
given data
charter authorized = 100,000 shares
common stock = $10 par value
issued = 270 shares
payment = $4,700
solution
we know here that
Paid up value of the stock = $10 per share
and here shares issue to the attorney satisfying the organisation expenses is 270 shares
so common stock = 270 shares × $10
common stock = $2700
so paid in capital in excess of par value = $2000
and There will be a debit to Organisation expenses for $4,700