please show calculations and explanation 1- Geronimo Inc. issued convertible preferred stock several years ago. Recently, the outstanding convertible preferred (with book value $12,000) was exchanged for 300 shares of Geronimo common stock (fair value $18,000). Geronimo recorded the conversion with a credit to Common Stock for $3,000 par value. What is the appropriate credit to Additional Paid-in Capital?

$ 9,000

$15,000

$ 6,000

$ 3,000

$12,000 2-

In 2019, Wywick Inc. issued 100 shares of $10 par common stock and 250 shares of $10 par value preferred stock for a lump sum total of $3,500 in exchange for legal services. The common stock was selling actively for $15 per share at the time. Because no preferred stock had been issued previously, the preferred had no established market value. How should the $3,500 be allocated between common and preferred?

Common Preferred

a. $1,000 $2,500

b. $1,750 $1,750

c. $3,500 0

d. $1,500 $2,000

e. None of the above