What total amount should be credited for olynik inc

Assignment Help Accounting Basics

Reference no: EM132835761

Problem 1: In 20X5, Olynik, Inc. issued (sold) 20,000 no par value convertible preferred shares for $103 each. Each preferred share can be converted into four no par value common shares at the option of the preferred shareholder. At the time of the share sale, similar non-convertible preferred shares were selling for $100 each. In August 20X6, all the preferred shares were converted into common shares. The market value of the common shares at the date of the conversion was $30 per share. What total amount should be credited to Common Shares due to the conversion of the preferred shares into common shares?

Reference no: EM132835761

Questions Cloud

What amount should ggc report as a provision for warranty : What amount should GGC report as a provision for warranty payable on its statement of financial position as at December 31, 20X5?

Document the tax impact of these transaction on Net Income : In November 2020, you sell all of the shares for $19.75 a share. Document the tax impact of these transaction on your Net Income

Difference between specific and generic competencies : How are industry competencies created and how do they relate to training packages or courses?

Calculate the net income : Bridgeport Corp. invoiced $181,000 in service revenue. Calculate the net income for 2020 under the cash basis of accounting

What total amount should be credited for olynik inc : Olynik, Inc. What total amount should be credited to Common Shares due to the conversion of the preferred shares into common shares?

Reflect on the process of creating a unit plan : In 250-500 words, summarize and reflect on the process of creating a unit plan in English language arts. How does your unit plan help students successfully.

Determine the channels of distribution : Historically, about 90% of the tickets sold by airlines have been processed through third-party retailers who are awarded a commission of about 10% of the ticke

Calculate the debt to equity ratio : The following is selected simplified information from Organic Catering's balance Sheet as at December 31, 2020 - Calculate the debt to equity ratio

Risk-benefit analysis matrix : Risk analysis to illustrate the potential risks of this change to the healthsystem. The Department has asked that your analysis illustrate the likelihood

User Account

All Pages