Pechstein Corporation issued 2,000 shares of $10 par value common stock upon conversion of\n1,000 shares of $50 par value preferred stock. The preferre
Pechstein Corporation issued 2,000 shares of $10 par value common stock upon conversion of
\r\n1,000 shares of $50 par value preferred stock. The preferred stock was originally issued at $60 per share.
\r\nThe common stock is trading at $26 per share at the time of conversion. Record the conversion of the preferred