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Blue Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares of $50 par value preferred stock. The preferred stock
Blue Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 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.
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