Multiple Choice
Enterprise Leasing issued 500 shares of $20 par value convertible preferred stock at $22 per share.Each preferred share is converted to 7 shares of $4 par value common stock.The entry to record this conversion would include a
A) debit to Additional Paid-in Capital on Preferred Stock for $11, 000
B) credit to Common Stock for $11, 000
C) debit to Retained Earnings for $3, 000
D) credit to Additional Paid-in Capital from Preferred Stock Conversion for $3, 000
Correct Answer:
Verified
Correct Answer:
Verified
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