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What amount should be credited to paid in capital

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Question 1: Sapphire Inc. converts $600,000 of bonds sold at face value into 10,000 shares of common stock, par value $1. Both the stocks and the bonds have a market value of $760,000. What amount should be credited to Paid in Capital- in Excess of Par- Common Stock as a result of the conversion?

Reference no: EM132530756

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