Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. During the years 2022 and 2023, the following transactions affected Queenstown Corporation's shareholders' equity accounts: 2022 Dec. 10 2023 Dec. 10 Dec. 21 Required: a) b) Declared and paid $12,000 of annual dividends to preferred shareholders. Declared and paid the annual dividend to preferred shareholders and a $4,000 dividend to common shareholders. The preferred shares were converted into common shares. Journalize each of the 2022 and 2023 transactions. After the preferred shares are converted, what is the total number of common shares
Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. During the years 2022 and 2023, the following transactions affected Queenstown Corporation's shareholders' equity accounts: 2022 Dec. 10 2023 Dec. 10 Dec. 21 Required: a) b) Declared and paid $12,000 of annual dividends to preferred shareholders. Declared and paid the annual dividend to preferred shareholders and a $4,000 dividend to common shareholders. The preferred shares were converted into common shares. Journalize each of the 2022 and 2023 transactions. After the preferred shares are converted, what is the total number of common shares
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 24E
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