Question
On November 1, 2016, BIUC issued 2,000 redeemable and retractable preferred shares at a value of $10 per share. The shares are redeemable by BIUC
On November 1, 2016, BIUC issued 2,000 redeemable and retractable preferred shares at a value of $10 per share. The shares are redeemable by BIUC at any time after January 2021, they are retractable for the original $10 per share at the discretion of the holder at any time up to January 2021, after which the retractable feature expires. The preferred shares require the payment of a mandatory $2 per share during the retraction period, after which the dividends become non-cumulative and are paid at the discretion of the board only.
how do you account for this?
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