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(b) If the preferred stock is convertible into 7 shares of $10 par value common...

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Accounting

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(b) If the preferred stock is convertible into 7 shares of $10 par value common stock and 3,600 shares are converted, what entry is required for the conversion assuming the preferred stock was issued at par value? (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (c) If the preferred stock was issued at $108 per share, how should the preferred stock be reported in the stockholders' equity section? (Enter account name only and do not provide descriptive information.)

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