Reference no: EM133266834
The Concepcion Enterprises, Inc. had the following shareholders' equity balances at December 31, 2024:
Preference Share Capital P 20 par, 100,000 shares authorized 2,000,000
Ordinary Share Capital P 30 par, 100,000 shares authorized 1,800,000
Share Premium-Preference Share 160,000
Share Premium-Ordinary Share 250,000
Retained Earnings 800,000
The preference share is convertible into ordinary shares.
Required:
Journalize the conversion of 10,000 preference shares under each of the following independent assumptions:
a. Preference share is convertible into ordinary shares on a share for share basis.
b. 2 shares of preference are convertible into one ordinary shares.
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