Question: Pechstein Corporation issued 2 000 shares of 10 par value ordin
Pechstein Corporation issued 2,000 shares of $10 par value ordinary shares upon conversion of 1,000 shares of $50 par value preference shares. The preference shares were originally issued at $60 per share. The ordinary shares are trading at $26 per share at the time of conversion. Record the conversion of the convertible preference shares.
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