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lets take a look at this reorganization problem its problem 24-2 and what we have in front of us is the balance the 2007 balance sheet and income statement for for verbruje publishing okay im going to slide down and theres some information down here we should read right there in that box right there okay so verbugee and its creditors have agreed upon a voluntary reorganization plan in this plan each share of the six dollar preferred thats their stock preferred stock will be exchanged for one share of two dollars and forty cent preferred with a par value of 37.50 so thats 37.50 plus one 8 subordinated income debenture thats a bond with a par value of 75 the 10.50 preferred issue will be retired in cash alright lets tackle part a first which says construct the pro forma balance sheet assuming that reorganization takes place and show the new preferred stock at its par value okay now what i want to do is jump back over here and what what i did is i started out with preparing the pr