On January 1, 2025 The Wacky Mango issued 30,000 convertible preferred shares for proceeds of $2,250,000. On June 22, 2025, a total of 12,000 preferred shares were converted. The fair market value of the conversion option on the grant date was $25 per option. The value of the preferred shares without the conversion option was $65 per share. What amount should be credited to common shares on June 22, 2025?
• a. $300,000
• b. $750,000
• c. $780,000
• d. $900,000

Question

14-06-2024
Business

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On January 1, 2025 The Wacky Mango issued 30,000 convertible preferred shares for proceeds of $2,250,000. On June 22, 2025, a total of 12,000 preferred shares were converted. The fair market value of the conversion option on the grant date was $25 per option. The value of the preferred shares without the conversion option was $65 per share. What amount should be credited to common shares on June 22, 2025?
• a. $300,000
• b. $750,000
• c. $780,000
• d. $900,000

Sagot :

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