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 Mary Lee paid $20 per share for her preferred stock, and if common stock was selling at $50 per share on the date of conversion, compute the amount that Mary Lee's investment increased in value.

Question

Mary Lee
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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 Mary Lee paid $20 per share for her preferred stock, and if common stock was selling at $50 per share on the date of conversion, compute the amount that Mary Lee's investment increased in value.​

Quizplus · Accepted Answer

The Answer of Mary Lee
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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 Mary Lee paid $20 per share for her preferred stock, and if common stock was selling at $50 per share on the date of conversion, compute the amount that Mary Lee's investment increased in value.​

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