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CONVERTIBLE PREFERRED STOCK. Assume that John Deere Co. issues 2,000 shares of $100 par, 6% convertible preferred stock for $105 per share. Shareholders have the right to exchange each share of convertible preferred stock for five shares of $10 par common stock. Use the template below to show the financial statement effects of the following events.
a. Issuance of the preferred stock.
b. Declaration and payment of the cash dividend on the preferred stock.
c. Conversion of the preferred stock to common stock when the market value of the common stock is $29 per share.
Assets
=
Liabilities
+
Shareholders' Equity
CC
AOCI
RE
Journal entry:
Which assumed inventory cost flow method? Usually parallels the actual physical flow of merchandise? Assumes that goods available for sale during an accounting period are identical? Assumes that the latest units purchased are the first to be sold?
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