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convertible preferred stock stockholders rsquo equity for yuri co on december 31 was 692516

Convertible Preferred Stock

Stockholders’ equity for Yuri Co. on December 31 was as follows:

Preferred stock, $15 par, 30,000 shares issued and outstanding                            

$ 450,000

Paid in capital in excess of par—preferred stock                                      


Common stock, $10 par, 150,000 shares issued and outstanding                           


Paid in capital in excess of par—common stock                                       


Retained earnings                                                            


Preferred stock is convertible into common stock.

Provide the entry made on Yuri Co.’s books assuming that 4,000 shares of preferred are converted under each assumption listed:

1. Preferred shares are convertible into common on a share for share basis.

2. Each share of preferred stock is convertible into 4.0 shares of common.

3. Each share of preferred stock is convertible into 1.5 shares of common.

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