ADDITIONAL PR COVERTIBLE PS AND CALLABLE PS Problem #1 Grahn company engaged in the following transactions during the year. Please record the proper journal entry. ICE PROBLEMS ON TS, 1. Issued 9,000 shares of $6 par Convertible Preferred stock for $10 per share. Each share of preferred stock can be converted into 3 shares of common stock at the discretion of the stockholder. The common stock has a $5.00 par value 2. Preferred stockholders owning 5,000 shares converted their shares into common stock at a time when the common stock was selling for $12 per share. Use the book value method. 3. The company called in the remaining 4,000 shares of preferred stock for $8.00 per share. Problem #2

Problem \#1 Grahn company engaged in the following transactions during the year. Please record the proper journal entry. 1. Issued 9,000 shares of \$6 par Convertible Preferred stock for $10 per share. Each share of preferred stock can be converted into 3 shares of common stock at the discretion of the stockholder. The common stock has a $5.00 par value 2. Preferred stockholders owning 5,000 shares converted their shares into common stock at a time when the common stock was selling for $12 per share. Use the book value method. 3. The company called in the remaining 4,000 shares of preferred stock for $8.00 per share