Oriole Ltd. issued 18,000 common shares upon conversion of 16,000 preferred shares. The preferred shares...
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Oriole Ltd. issued 18,000 common shares upon conversion of 16,000 preferred shares. The preferred shares were originally issued at $9 per share and the Contributed SurplusConversion Rights account for the preferred shares had a balance of $10,000. The common shares were trading at $14 per share at the time of conversion. Record the conversion of the preferred shares.
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