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Record the conversion of the preferred stock

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Question - Flounder Corporation issued 2,000 shares of $10 par value common stock upon conversion of 1,000 shares of $50 par value preferred stock. The preferred stock was originally issued at $60 per share. The common stock is trading at $25 per share at the time of conversion.

Required - Record the conversion of the preferred stock.

Reference no: EM132656594

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