Stockholders of the company converted 10,000 shares of $50 par preferred stock into 50,000 shares of $1

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Stockholders of the company converted 10,000 shares of $50 par preferred stock into 50,000 shares of $1 par common stock. The preferred shares were originally issued for $53 per share. Make the journal entry necessary to record the conversion.

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Intermediate Accounting

ISBN: 978-0324312140

16th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Apr 07, 2012 07:37 AM

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Stockholders of the company converted 10,000 shares of $50 par preferred stock into 50,000 shares of $1

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Preferred Stock 50 par 10000 shares 50 500000 Pai...View the full answer

Intermediate Accounting

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