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What is the amount of ordinary shares to be recorded

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Reference no: EM132833876

Based on the following account balances:

  1. Preference Shares, 10,000 shares, $100 par, $1,000,000
  2. Ordinary Shares, 200,000 authorized, 100,000 shares issued, $30 par, $3,000,000
  3. Share Premium-Preference, $200,000
  4. Share Premium-Ordinary, $1,000,000

Retained earnings

Problem 1: The Preference Shares is converted into Ordinary Shares in the ratio of 1:5. What is the amount of Ordinary Shares to be recorded in the books of the corporation?

Reference no: EM132833876

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