At the end of 2017, Dennis Corp. had the following information available regarding its convertible...
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Accounting
At the end of 2017, Dennis Corp. had the following information available regarding its convertible preferred stock:
Convertible Preferred Stock: $25par, 3,000 shares outstanding$75,000 Additional Paid-in Capital - Preferred stock175,000
At the start of 2018, all shares of preferred stock were converted into 4,000 shares of $1 par common stock when the was worth $250 per share.
Assuming Dennis uses the book value method, by how much should the Additional paid-in capital- common Stock account be increased when the preferred shares are converted?
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