Tam Corporation has 5,000 preferred shares that have been issued at $50 per share. Each share is convertible into one common share. When the market values of preferred shares are $55 and common shares are $75, respectively, the 5,000 shares are converted into common shares. The journal entry to record the conversion of the shares is

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The Answer of Tam Corporation has 5,000 preferred shares that have been issued at $50 per share. Each share is convertible into one common share. When the market values of preferred shares are $55 and common shares are $75, respectively, the 5,000 shares are converted into common shares. The journal entry to record the conversion of the shares is

Tam Corporation Has 5,000 Preferred Shares That Have Been Issued