The preferred stock was originally issued

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Reference no: EM131202248

Rooney Corp. has outstanding 500 shares of $50 preferred stock. Each share of preferred can be converted into four shares of $10 common stock. The preferred stock was originally issued at $75 per share. The market value of the common stock at the time of conversion was $22 per share. Record the conversion.

Reference no: EM131202248

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