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Journalize the conversion of the preferred shares

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Question - Bramble Corporation is authorized to issue common and $3 convertible preferred shares. Each preferred share is convertible into four common shares. On July 2, the company issued 100,000 preferred shares for $110 per share. The common shares were trading at $25.10 on September 7, $27.50 on September 19, and $31.10 on September 28. Journalize the conversion of the preferred shares on September 19.

Reference no: EM133052622

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