Question

Century Ltd. issued 15,000 common shares upon conversion of 10,000 preferred shares. The preferred shares were originally issued at $8 per share and the Contributed Surplus—Conversion Rights account for the preferred shares had a balance of $8,000. The common shares were trading at $13 per share at the time of conversion. Record the conversion of the preferred shares.


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  • CreatedAugust 23, 2015
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