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  3. on march 1, the company issued 50,000 preferred sh

On March 1, the company issued 50,000 preferred shares with a 5% cumulative dividend for...

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Accounting

On March 1, the company issued 50,000 preferred shares with a 5% cumulative dividend for $10 per share. The preferred shares are redeemable, but not retractable. In addition, the preferred shares can be converted into common shares at any time, at a ratio of 1-to-1. prepare a report to the board of directors that discusses the recognition, measurement, and presentation of the financial instruments issued.

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