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Novak Corporation issued 2 , 0 0 0 shares of $ 1 0 par value common stock upon conversion of 1 , 0 0 0
Novak Corporation issued shares of $ par value common stock upon conversion of shares of $ par value preferred
stock. The preferred stock was originally issued at $ per share. The common stock is trading at $ per share at the time of
conversion.
Record the conversion of the preferred stock.
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