Century Ltd. issued 15,000 common shares upon conversion of 10,000 preferred shares. The preferred shares were originally

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Century Ltd. issued 15,000 common shares upon conversion of 10,000 preferred shares. The preferred shares were originally issued at $8 per share and the Contributed Surplus—Conversion Rights account for the preferred shares had a balance of $8,000. The common shares were trading at $13 per share at the time of conversion. Record the conversion of the preferred shares.
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Intermediate Accounting

ISBN: 978-0470161012

9th Canadian Edition, Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

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