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If convertible preferred shares are converted into common shares, O again or loss on conversion...

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Accounting

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If convertible preferred shares are converted into common shares, O again or loss on conversion is not recognized or recorded. O a loss on conversion must be recorded if the legal capital of the preferred shares is less than the legal capital of the common shares. O the fair value of the preferred shares on the date of conversion is credited to the Common Shares account. O again on conversion must be recorded if the legal capital of the preferred shares is greater than the legal capital of the common shares

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