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Metlock Corporation issued 2,000 shares of $10 par value common stock upon conversion of 1,000...

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Accounting

Metlock Corporation issued 2,000 shares of $10 par value common stock upon conversion of 1,000 shares of $50 par value preferred stock. The preferred stock was originally issued at $62 per share. The common stock is trading at $24 per share at the time of conversion. Record the conversion of the preferred stock.

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