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.© BrainMass Inc. brainmass.com June 4, 2020, 3:22 am ad1c9bdddf
Solution contains a formatted MS Excel spreadsheet containing instructions for the completion of journal entries for a preferred stock conversion.