Convertible preferred stock is converted into common stock

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Reference no: EM1394690

Comprehensive Problem. Label the following transactions:

a.A Nevada corporation formed a corporation in Florida and transferred all assets to it for 100 percent of its stock. It then distributed the stock to its shareholders in cancellation of their Nevada corporation stock and was dissolved.

b.ABC Corp. acquired all the stock of MNO Corp. for its convertible bonds. All MNO assets were transferred to ABC, whereupon MNO was dissolved.

c.A corporation issues $30,000 worth of its own voting stock to retire some of its outstanding bonds with a principal amount of $40,000.

d.Convertible preferred stock is converted into common stock of the issuing corporation.

e.A corporation incorporates a division and distributes the shares received pro rata to its shareholders.

f.A corporation distributes preferred stock for each 10 shares of common stock outstanding.

Reference no: EM1394690

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