B. Convertible Preferred Stock Love Companyr issued LDDEI shares of convertible preferred stool-c. $1,IIID par, for 1GB (103% of face value] on June 3i]. 2cm. Each preferred share was convertible into it] shares of common stool-c {par value of $5]. On June 3D, 2016, l shares of preferred were converted by the investors to LUCIE shares of common stock. The market price of the shares of common at the date of the conversion was $153 per share. Prepare the journal entry to reoord the conversion of the preferred stock to common stock