Question: Current Attempt in Progress The conversion of preferred stock into common requires that any excess of the par value of the common shares issued over

Current Attempt in Progress
The conversion of preferred stock into common requires that any excess of the par value of the common shares issued over the
carrying amount of the preferred being converted should be
reflected currently in income as an extraordinary item.
reflected currently in income, but not as an extraordinary item.
treated as a direct reduction of retained earnings.
treated as a prior period adjustment.
Current Attempt in Progress The conversion of preferred stock into common

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