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    Convertible Preferred Stock - Gall Inc.

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    Convertible Preferred Stock:

    Gall Inc. 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 $60 per share. The common stock is trading at $26 per share at the time of the conversion. Record the conversion of the preferred stock.

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    Solution Summary

    Solution contains a formatted MS Excel spreadsheet containing instructions for the completion of journal entries for a preferred stock conversion.