Pechstein 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 $60 per share. The common stock is trading at $25 per share at the time of the conversion. Record the conversion of the preferred stock.
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Attached is a formatted MS Excel spreadsheet containing instructions for the completion of journal entries for a preferred stock conversion.