Santorini Corporation has outstanding 300,000 shares of $70 par-value preferred stock,issued at an average price of $84 a share.The preferred stock is convertible into common stock at the rate of four shares of common stock for each share of preferred stock.Maryann Miller owns 880 shares of the preferred stock.During the current year she decides to convert 220 shares into common stock.How many shares of common stock will she receive?

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The Answer of Santorini Corporation has outstanding 300,000 shares of $70 par-value preferred stock,issued at an average price of $84 a share.The preferred stock is convertible into common stock at the rate of four shares of common stock for each share of preferred stock.Maryann Miller owns 880 shares of the preferred stock.During the current year she decides to convert 220 shares into common stock.How many shares of common stock will she receive?

Santorini Corporation Has Outstanding 300,000 Shares of $70 Par-Value Preferred