E9.9. Loss on the Conversion of Preferred Stock: Microsoft Corporation (Easy) In 1996, Microsoft issued 12.5 million convertible preferred shares carrying a dividend of 2.75 percent for $980 million. The shares were converted into common shares in Decem- ber 1999, with each preferred share receiving 1.1273 common shares. At the time of con- version, Microsoft's common shares traded at $88 each. What was the loss to shareholders from the conversion? Real World Connection See Exercises E16, E4.14, E6.12, E8.9, E11.11, E18.10, and E20.4. Minicases M9.1 in this chapter and M13.2 also deal with Microsoft