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Corp. issued for $110 per share, 15,000 shares of $100 par convertible preferred stock. one share of p/s may be converted into 3 shares of
Corp. issued for $110 per share, 15,000 shares of $100 par convertible preferred stock. one share of p/s may be converted into 3 shares of $25 par value common stock at the option of the p/s shareholder. at end of the year all p/s was converted into c/s. The market value of the p/s at the conversion date was $40 per share. What amount should be credited to the c/s account at year end
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