Multiple Choice
Lopez, Inc.issued 500 shares of $50 par value convertible preferred stock at $80 a share.Each preferred share may be converted to 6 shares of $10 par common stock.The entry to record the conversion of all shares would include a
A) debit to Preferred Stock for $30, 000
B) debit to Additional Paid-in Capital on Preferred Stock for $40, 000
C) credit to Common Stock for $25, 000
D) credit to Additional Paid-in Capital from Preferred Stock Conversion for $10, 000
Correct Answer:
Verified
Correct Answer:
Verified
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