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Unformatted text preview: Prepare the journal entry to record the conversion of the bonds. Show your computations. 2. On July 1, 2009, Keplinger Inc. issued for $104 per share, 10,000 shares of $100 par value convertible preferred stock. One share of preferred stock can be converted into 3 shares of the companys $20 par value common stock. On September 1, 2011, shareholders converted 5,000 shares of the preferred stock to common stock. The market value of the common stock at conversion was $30 per share. Prepare the journal entry to record the conversion of the preferred stock. Show your computations. 3. Briefly describe any research you have done with the FASB Accounting Standards Codification....
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- Summer '08