Question: Question 1 1 points Save Answer A company issued 23,000 shares of $52 par value common stock upon conversion of 17,000 shares of $5 par

Question 1 1 points Save Answer A company issued 23,000 shares

Question 1 1 points Save Answer A company issued 23,000 shares of $52 par value common stock upon conversion of 17,000 shares of $5 par value preferred stock. The preferred stock was originally issued at $21 per share. The common stock is trading at $61 per share at the time of conversion. In the journal entry to record the conversion of the preferred stock, Retained Earnings will decrease/increase by. If the conversion does not affect retained earnings, then enter 0

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