Bob Wright

Bob Wright owned 100 shares of Lawson Company's convertible preferred stock at $10 par value. He converted each share of preferred stock into three shares of common stock.

-Refer to Bob Wright. If Bob Wright paid $10 per share for his preferred stock, and if common stock was selling at $4 per share on the date of conversion, compute the amount that Bob Wright's investment increased in value.

Question

Bob Wright
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Bob Wright owned 100 shares of Lawson Company's convertible preferred stock at $10 par value. He converted each share of preferred stock into three shares of common stock.
​
-Refer to Bob Wright. If Bob Wright paid $10 per share for his preferred stock, and if common stock was selling at $4 per share on the date of conversion, compute the amount that Bob Wright's investment increased in value.​

Quizplus · Accepted Answer

The Answer of Bob Wright
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Bob Wright owned 100 shares of Lawson Company's convertible preferred stock at $10 par value. He converted each share of preferred stock into three shares of common stock.
​
-Refer to Bob Wright. If Bob Wright paid $10 per share for his preferred stock, and if common stock was selling at $4 per share on the date of conversion, compute the amount that Bob Wright's investment increased in value.​

Bob Wright ​

Bob Wright