In 2017, Coronado  Industries, issued for $102 per share, 88000 shares of $100 par value convertible preferred stock. One share of preferred stock can be converted into three shares of Bonita's $25 par value common stock at the option of the preferred stockholder. In August 2018, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $25 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?

Answer rating: 100% (QA)

Preferred stock 88000 shares ... View the full answer