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The conversion of preferred stock into common stock requires that any excess of the par value of the common shares issued over the carrying amount

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The conversion of preferred stock into common stock requires that any excess of the par value of the common shares issued over the carrying amount of the preferred being converted should be Select one: A. reflected currently in income as a discontinued operations item. B. reflected currently in income. C. treated as a prior period adjustment. D. treated as a direct reduction of retained earnings

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