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Journalize the conversion of preferred shares on September

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Question - Bridgeport Corporation is authorized to issue common and $3 convertible preferred shares. Each preferred share is convertible into four common shares. On July 2, the company issued 100.000 preferred shares for $ 110 per share. The common shares were trading at $ 24.80 on September 7, $ 27.50 on September 19, and $ 29.80 on September 28. Journalize the conversion of the preferred shares on September 19.

Reference no: EM133058484

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