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Record the conversion of the preferred stock

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Question - Pechstein Corporations issued 2,000 shares of $10.00 par value common stock upon conversion of 1,000 shares of $50.00 par value preferred stock. The preferred stock was originally issue at $60.00 per share. The common stock is trading at $26.00 per share at the time of conversion. Record the conversion of the preferred stock.

Reference no: EM131827515

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