The preferred stock of Trade Days, Inc., in Question 8 was issued at \(\$ 55\) per share. Each preferred share can be converted into 10 common shares. The entry to record the conversion of this preferred stock into common is (p.572)

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a. Cash..... 550,000 Preferred Stock.......... 500,000 Paid-in Capital in Excess of Par-Preferred Stock ...... 50,000 b. Preferred Stock... 500,000 Paid-in Capital in Excess of Par-Preferred Stock.......... 50,000 Common Stock. 550,000 c. Preferred Stock......... 500,000 Paid-in Capital in Excess of Par-Preferred Stock........ 50,000 Common Stock.. 400,000 Paid-in Capital in Excess of Par-Common Stock ..... 150,000