Venti Corporation has outstanding 100,000 shares of $50 par-value preferred stock, issued at an average price of $74 a share. The preferred stock is convertible into common stock at the rate of two shares of common stock for each share of preferred stock. Martin Spellman owns 180 shares of the preferred stock. During the current year he decides to convert 80 shares into common stock. How many shares of common stock will he receive?

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The Answer of Venti Corporation has outstanding 100,000 shares of $50 par-value preferred stock, issued at an average price of $74 a share. The preferred stock is convertible into common stock at the rate of two shares of common stock for each share of preferred stock. Martin Spellman owns 180 shares of the preferred stock. During the current year he decides to convert 80 shares into common stock. How many shares of common stock will he receive?

Venti Corporation Has Outstanding 100,000 Shares of $50 Par-Value Preferred