WileyPLUS Problem 13-3 (Part Level Submission) Marin Merchandising Inc. had the following share capital and balances...

WileyPLUS Problem 13-3 (Part Level Submission)

Marin Merchandising Inc. had the following share capital and balances on January 1, 2021.

$2.50 cumulative preferred shares, convertible into common shares at a ratio of 4 common shares for 1 preferred share, unlimited number of shares authorized, 100,000 shares issued		$1,660,000
Common shares, unlimited number of shares authorized, 600,000 shares issued		2,040,000

The following transactions relating to shares occurred in 2021 and 2022.

Mar	31,	2021	Marin declared total annual dividends of $800,000 for shareholders of record on April 1, 2021. There were no dividend arrears at January 1, 2021.
April	30,	2021	Marin paid the dividends owing.
July	10,	2021	Shareholders converted 25,000 preferred shares into common shares. The fair value per preferred share was $17.80; per common share, $4.60.
Feb.	20,	2022	Marin declared an annual dividend of $620,000 to shareholders of record on March 1, 2022.
Mar.	5,	2022	Marin paid $320,000 of the dividends owing.
July	15,	2022	Shareholders converted 50,000 preferred shares into 200,000 common shares. The fair value per preferred share was $16.90; per common share, $5.10.

Calculate the average per share amount of the preferred and common shares at January 1, 2021. (Round answers to 2 decimal places, e.g. 52.75.)

		Average per share
Preferred shares		$
Common shares		$

Solutions

Expert Solution

1. Journal Entries -

2. Paid in Capital -

3. Average per Share -

ekkarill92 answered 1 year ago

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