Business, 17.04.2020 02:08 pinkyglitter2696
In 2018, preferred shareholders elected to convert 4.58 million shares of preferred stock ($39 million book value) into common stock. Rather than issue new shares, the company granted 4.58 million shares held in treasury stock to the preferred shareholders, with a total cost of $33 million. Prepare a journal entry to illustrate how this transaction would have been recorded. (Hint: use the cost per share for 2018 determined in b.) Enter answers in millions. Round to the nearest million.
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In 2018, preferred shareholders elected to convert 4.58 million shares of preferred stock ($39 milli...
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