please don't copy from Chegg The C Corp. sold 1,000 shares of $700...
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please don't copy from Chegg
The C Corp. sold 1,000 shares of $700 par, 5%, Convertible Preferred Stock for $103. The preferred stock is also Callable at $104. The preferred is convertible at 1 to 3, Common Stock has a par value of $10. Prepare journal entries for the following. a. Record the sale of the Preferred Stock for cash. b. Declared the yearly dividend on the Preferred Stock. c, Paid the dividend declared d. Called and retired 100 shares of Preferred Stock. e. 100 shares of Preferred were Converted to Common Stock
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