A company has 5,000 convertible preferred shares convertible to 2 shares of common stock, $1.00 par value. The preferred shares were originally issued at their $50.00 pare value price. If all the preferred shared are converted to common, give the entry to reflect this conversion.

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hi, jlsweeney1!

Are you looking for a direct answer to the problem, or from someone to come along and help you to learn how to come up with the correct answer yourself, please?

If the former is true, please click on the following link.

https://www.askmehelpdesk.com/finance-accounting/announcement-font-color-ff0000-u-b-read-first-expectations-homework-help-board-b-u-font.html

thanks!

Help with the answer