Assume Cole Corporaton ofgnaly issutd 300 ahares of $50 par coovertile preferted alock at $110 per share on Decenter 31 Required: make to record the corwersion? Chart of Accounts As Cole Corporation General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory EXPENSES 152. Prepaid insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 189 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense instructions Chart of Accounts As 181 Equpment 511 Insurance Expense 189 Accumulated Depreciation 512 Utities Expense 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211. Accounts Payable 540 interest Expense 231 Salaries Payable 541 Depreciation Expense 250 Unearned Revenue 559 Miscellaneous Expenses 261 income Taxes Payable 910 income Tax Expense EQUITY 305 Preferred Stock 311 Common Stock EQUITY 305 Preferred Stock 311 Common Stock 318 Additional Paid-in Capital on Preferred Stock 319 Additional Paid-in Capital from Prefen y Stock Conversion 320 Additional Paid-in Capital on Common Stock 331 Retained Earnings G(3itod joctere tiet accousi nry