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A company issued 24,000 shares of $58 par value common stock upon conversion of 15,000...

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Accounting

A company issued 24,000 shares of $58 par value common stock upon conversion of 15,000 shares of $7 par value preferred stock. The preferred stock was originally issued at $26 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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