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CONVERTIBLE PREFERRED STOCK - ABC Co. issued 600 shares of common stock (par value $2) upon conversion of 400 shares of preferred stock (par value

CONVERTIBLE PREFERRED STOCK - ABC Co. issued 600 shares of common stock (par value $2) upon conversion of 400 shares of preferred stock (par value $1) that was originally issued for a $150 premium. Prepare journal entry to record conversion of the stock.

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