B$.$ Convertible Preferred Stock

Love Company issued $1,000$ shares of contertible preferred stock, $$1,000$ par, for $103(103\%$ of face value$)$ on June $30,2014.$ Each preferred share was convertible into $10$ shares of common stock $($par value of $$5).$ On June $30,2016,100$ shares of preferred were converted by the investors to $1,000$ shares of common stock. The market price of the shares of common at the date of the conversion was $$150$ per share. Prepare the journal entry to record the conversion of the preferred stock to common stock.$|$