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current attempt in progress splish brothers corporation has 3600 preferred shares that have been issued...

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Accounting

Current Attempt in Progress Splish Brothers Corporation has 3600 preferred shares that have been issued at $50 per share. Each share is convertibie into ono common share. When the market values of preferred shares are $60 and common shares are $75, respectively, the 3600 shares are converted into common shares. The journal entry to record the conversion of the shares is: Preferred Shares Common Shares Preferred Shares Common Shares Preferred Shares Common Shares Preferred Shares 180000 180000 360000 360000 270000 270000

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