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Vargo Company has bonds payable outstanding in the amount of $684,600, and the Premium on Bonds Payable account has a balance of $6,600. Each $1,000

Vargo Company has bonds payable outstanding in the amount of $684,600, and the Premium on Bonds Payable account has a balance of $6,600. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock.

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