Kingbird Corporation has the following shareholders equity on December 31, 2021: ...
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Accounting
Kingbird Corporation has the following shareholders equity on December 31, 2021:
| Shareholders' equity | ||
| Share capital | ||
| $10 convertible preferred shares, | ||
| 10,000 shares authorized, 5000 shares issued | $630000 | |
| Common shares, no par value, | ||
| 200,000 shares authorized, 100000 shares issued | 1500000 | |
| Total share capital | 2130000 | |
| Retained earnings | 448000 | |
| Total shareholders equity | $2578000 |
If 580 preferred shares are converted into common shares what is the dollar value of the common shares issued?
1.$8700
2.$73080
3.$7724
4.$50000
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