Mary Lee

Mary Lee owned 500 shares of Dugan Company's convertible preferred stock at $20 par value. She converted each share of preferred stock into four shares of common stock.

-Refer to Mary Lee. If common stock was selling at $50 per share on the date of conversion, compute Mary Lee's common stock worth.

Question

Mary Lee
​
Mary Lee owned 500 shares of Dugan Company's convertible preferred stock at $20 par value. She converted each share of preferred stock into four shares of common stock.
​
-Refer to Mary Lee. If common stock was selling at $50 per share on the date of conversion, compute Mary Lee's common stock worth.​

Quizplus · Accepted Answer

The Answer of Mary Lee
​
Mary Lee owned 500 shares of Dugan Company's convertible preferred stock at $20 par value. She converted each share of preferred stock into four shares of common stock.
​
-Refer to Mary Lee. If common stock was selling at $50 per share on the date of conversion, compute Mary Lee's common stock worth.​

Mary Lee ​Mary Lee Owned 500 Shares of Dugan Company's Convertible Preferred

Mary Lee Mary Lee Owned 500 Shares of Dugan Company's Convertible Preferred