QUESTION 29 In 20X5, Olynik, Inc. issued (sold) 20,000 no par value convertible preferred shares for $103 each. Each preferred share can be converted into four no par value common shares at the option of the preferred shareholder. At the time of the share sale, similar non-convertible preferred shares were selling for $100 each. In August 20X6, all the preferred shares were converted into common shares. The market value of the common shares at the date of the conversion was $30 per share. What total amount should be credited to Common Shares due to the conversion of the preferred shares into common shares? O a $60,000 ob. $2,400,000 $2,000,000 Od. $2,060,000 QUESTION 30 Which of the following statements best describes how to deal with noncumulative preferred dividends that were not declared when due? a. They are paid to preferred shareholders if b. They are They are not disclosed d. They must be paid sufficient funds remain after liquidation disclosed in the notes to the before any other of the business entity as a liability financial statements dividends can be paid