Reference no: EM132576040
Question - New York Corporation has the following shareholders' equity on December 31, 2021:
Shareholders' equity Share capital $10 convertible preferred shares, 10,000 shares authorized, 5,000 shares issued$0,570,000 Common shares, no par value, 200,000 shares authorized, 90,000 shares issued 1,800,000 Total share capital 2,370,000 Retained earnings 450,000 Total shareholders' equity $2,820,000.
If one preferred share is convertible into 10 common shares, how many common shares are issued when 500 preferred shares are converted?