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How much should aster credit to share premium

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Problem 1: During 2016, Aster Company issued 10,000 shares of $100 par value convertible preference share for $110 per share. One preference share can be converted into 3 shares of Aster's $25 par ordinary share at the option of the preference shareholder. On December 31, 2017, when the market value of the ordinary share was $40, the entire preference share was converted. How much should Aster credit to Share premium as a result of the conversion?

Reference no: EM132728442

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