Record the conversion of the preferred stock

Reference no: EM1345166

Pechstein Corporation issued 2000 shares of $10 par value common stock upon conversion of 1000 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. Record the conversion of the preferred stock.

Reference no: EM1345166

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Record the conversion of the preferred stock : Pechstein company issued 2000 shares of $10/value common stock upon conversion of 1000 shares of dollar 50 par value preferred stock. The preferred stock was issued at $60 per share.

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