The conversion of preferred stock

1) The conversion of preferred stock may be recorded by the

A. market value method
B. method
C. book value method
D. incremental method

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2) The conversion of preferred stock into that any excess of the par value of the over the carrying amount of the preferred being converted should be

A. treated as a prior period adjustment
B. treated as a direct reduction of retained earnings
C. reflected currently in income as an extraordinary item
D. reflected currently in income, but NOT as an extraordinary item

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