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Matthew Morrison purchased 1 0 , 0 0 0 convertible preferred shares for $ 3 0 , 0 0 0 . One preferred share is

Matthew Morrison purchased 10,000 convertible preferred shares for $30,000. One preferred share is convertible into 5 common shares. Immediately before conversion, the following information was available.
Share Capital
2% noncumulative preferred shares,
100,000 issued
Common shares, 500,000 issued
Total share capital
\table[[$698,000
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