Daily corporation has outstanding 67000 shares of $35 par- value preferred stock, issued at an...
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Daily corporation has outstanding 67000 shares of $35 par- value preferred stock, issued at an average price of $42 a share. The preferred stock is convertible into common stock at the rate of two shares of common stock for each share of preferred stock. Niel owns 390 shares of the preferred stock. During the current year he decides to convert 180 shares into common stock. How many shares of common stock will he receive? Steps really appreciated, thank you!
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