Daily Corporation has outstanding 85,000 shares of $30 par-value preferred stock, issued at an average...
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Accounting
Daily Corporation has outstanding 85,000 shares of $30 par-value preferred stock, issued at an average price of $37 a share. The preferred stock is convertible into common stock at the rate of three shares of common stock for each share of preferred stock. Neil Thomas owns 600 shares of the preferred stock. During the current year, he decides to convert 300 shares into common stock. How many shares of common stock will he receive?
common stock received_____ shares
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