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QUESTION 5 LaLa issued 5,000 shares $1 par value common stock on conversion of 1,000 shares of $50 par value preferred stock. The preferred was

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QUESTION 5 "LaLa issued 5,000 shares $1 par value common stock on conversion of 1,000 shares of $50 par value preferred stock. The preferred was issued at $60 per share. Common stock is trading at $25 per share at conversion. What will be the credit to APIC-Common" "$55,000" "$75,000" "$70,000" "$60,000

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