Question: Century Ltd issued 15 000 common shares upon conversion of 10 000
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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