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A firm has 20,000 shares of $100 par convertible, preferred stock. Each of the preferred...

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Accounting

A firm has 20,000 shares of $100 par convertible, preferred stock. Each of the preferred shares were initially issued at $125. Each share converts to 10 common stock shares. Common stock has a par value of $1. Using the book value method, show the journal entry to convert these shares.

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