In its first year of operations,TamariskCorporation had the following transactions relating to its convertible preferred shares and common shares. The preferred dividend rate is $ 2 per share.

Jan.

1

Issued10,900common shares at $10per share.

Feb.

1

Issued3,900preferred shares for $41per share.

Jul.

1

Declared and paid annual preferred dividends.

Nov.

1

Converted1,900preferred shares to common shares when the market value of the preferred shares was $42and the market value of the common shares was $20. One share of preferred is convertible to 10 common shares.

(a)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1

Feb. 1

Jul. 1

Nov. 1

Jan. 1

Feb. 1

Jul. 1

Nov. 1

Jan. 1

Feb. 1

Jul. 1

Nov. 1

Jan. 1

Feb. 1

Jul. 1

Nov. 1