During 2011, Wright Corp. had outstanding 125,000 shares of common stock and 7,500 shares of noncumulative, 8 percent, $50 par preferred stock. Each preferred share is convertible into 8 shares of common stock. In 2011, net income was $231,500.

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The Answer of During 2011, Wright Corp. had outstanding 125,000 shares of common stock and 7,500 shares of noncumulative, 8 percent, $50 par preferred stock. Each preferred share is convertible into 8 shares of common stock. In 2011, net income was $231,500.