Reference no: EM132966576

Question - Oriole Corporation has the following shareholders' equity on December 31, 2021: Shareholders' equity Share capital $10 convertible preferred shares, 10,000 shares authorized, 5000 shares issued $530000 Common shares, no par value, 200,000 shares authorized, 90000 shares issued 1900000 Total share capital 2430000 Retained earnings 448000 Total shareholders' equity $2878000

If one preferred share is convertible into 10 common shares, how many common shares are issued when 580 preferred shares are converted?