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  3. in 2020, garfield co. issued for $80 per share. 20

In 2020, Garfield Co. issued for $80 per share. 20,000 shares of $50 par value...

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Accounting

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In 2020, Garfield Co. issued for $80 per share. 20,000 shares of $50 par value convertible preferred stock. One share of preferred stock can be converted into five shares of Garfield's $12 par value common stock at the option of the preferred stockholder. In July 2021, 70 percent of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $18 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock

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