Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $520,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $32,000; title insurance, $2,200;
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Lerner Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $600,000 of 10% convertible bonds outstanding during 2018. The preferred stock is convertible into 40,000 shares of common stock.
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