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In its first year of operations, Teal Mountain Corporation had the following transactions relating to...

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Accounting

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In its first year of operations, Teal Mountain Corporation had the following transactions relating to its convertible preferred shares and common shares. The preferred dividend rate is $2 per share. Jan, 1 Issued 12,100 common shares at $10 per share. Feb. 1 Issued 5,100 preferred shares for $41 per share. July 1 Declared and paid annual preferred dividends. Nov. 1 Converted 3,100 preferred shares to common shares when the fair value of the prefecred shares was $42 and the fair value of the common shares was $20. One share of preferred is convertible to 4 common shares. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, seiect "No Entry" for the occount tities and enter O for the amounts)

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