Brief Exercise 163 Your answer is partially correct Try agai

Brief Exercise 16-3 Your answer is partially correct. Try again. Blossom Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of 50 par value preferred stock. The preferred stock was originally issued at $65 per share. The common stock is trading at $27 per share at the time of conversion Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter O for the amounts.) Castalin n Excess r TO TEXT Question Attempts: 3 of 6 used saiBORLATER

Solution

Preferred Stock 45000 Paid-in Capital in Excess of Par-Preferred stock 13500 =900*(65-50)       Paid-in Cap. in Excess of Par-Common Stock 40500        Common Stock 18000