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please solve everything.. and write answers in such a way that can be understood, because most of time only half picture is posted! Rating Inc.
please solve everything.. and write answers in such a way that can be understood, because most of time only half picture is posted!
Rating Inc. was incorporated on January 3, 2020 and on that date issued 29,000 common shares for cash at $3.25 each. On March 31, Rating issued 2,500 preferred, $4 cumulative preferred shares, convertible to common shares at the rate of 3 common shares for one preferred share. The preferred shares were issued for $11 each. On August 11, 900 of the preferred shares were converted to common shares. On that date, the market value was $3.20 for the common shares and $11.50 for the preferred shares. On December 14, 12,000 common shares were reacquired for $3.50 each. Instructions a) Journalize the share transactions described. b) Calculate the number of issued shares and average per share amount of each class remaining at the end of the year. (preferred & common) ***SHOW YOUR WORK FOR PARTIAL MARKS!!*** 1 A- B I E = %3 Part A Date Account Debit Credit Jan 3 7 A I E E % 5 D] Part A Date Account Debit Credit Jan 3 Mar 31 1 A B - EE % Sept 18 Dec 20 . B I E E 8 ? S Part B Common share price per share Number of common shares Preferred share price per share Number of preferred shares Step by Step Solution
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