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April 1 Issued 20, 100 shares of $50 par noncumulative convertible but preferred stock for SEO per share where one share of preferred stock is

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April 1 Issued 20, 100 shares of $50 par noncumulative convertible but preferred stock for SEO per share where one share of preferred stock is convertible into three shares of common stock July 1 : 2090 shares of treasury stock that had been purchased in a prior year for S21 per share were re - issued for $22 per share August 1 Holders of 3 090 shares of the preferred stock converted their shares into common stock when the market value of the common stock was 522 per share Taylor uses the book value method of accounting for conversions October 1 Declared and paid a cash dividend of 12 per share on the outstanding common stock November 1 Corrected an error that was made several years ago when land that had been purchased for $100 090 was inadvertently expense December 1 Declared and distributed a property dividend of land to preferred shareholders The land had a fair value of $75 090 and a carrying value of 560 090 December 31 Recorded 2015 compensation expense related to the stock options

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