ABC Corporation issued 1000 shares of $100 convertible preferred stock at $30000 premium. Each share of preferred stock could be converted to 100 shares of $1 par common stock. Prepare the following journal entries:

A. Sales of the convertible preferred stock

B. Conversion of all the preferred stock to common stock

C. How would journal entry B. change if the par value of the preferred stock plus the premium in the additional paid-in capital associated with the preferred stock had been less than the par value of the common stock?