Several years ago, Walker, Inc.issued 12, 000 shares of $40 par preferred stock at $60.Each share of preferred was convertible into three shares of $10 par common stock.On January 10, 2010, one-half of the preferred stock was converted.
Required:
Indicate the credits that should be made in the entry to record this conversion.

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The Answer of Several years ago, Walker, Inc.issued 12, 000 shares of $40 par preferred stock at $60.Each share of preferred was convertible into three shares of $10 par common stock.On January 10, 2010, one-half of the preferred stock was converted.
Required:
Indicate the credits that should be made in the entry to record this conversion.

Several Years Ago, Walker, Inc