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Grouper Corporation issued 2,200 shares of $10 par value common stock upon...

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Question

Accounting

Grouper Corporation issued 2,200 shares of $10 par value common stock upon conversion of 1,100 shares of $50 par value preferred
stock. The preferred stock was originally issued at $56 per share. The common stock is trading at $25 per share at the time of
conversion.
Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
Preferred Stock
Paid-in Capital in Excess of Par - Preferred Stock
Common Stock
Paid-in Capital in Excess of Par - Common Stock
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