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Betsi's Company's preferred stockholders convert 10 shares of preferred stock to common stock on January 1, 2021. The conversion ratio is 41. The par value
Betsi's Company's preferred stockholders convert 10 shares of preferred stock to common stock on January 1, 2021. The conversion ratio is 41. The par value of the preferred stock is $100 per share and was originally issued for $101 per share. The par value for the common stock is $1 per share. Provide the January 1, 2021 journal entry
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