Bonita Corporation has 8,200 shares of $100 par value, 7%, preferred stock and 46,200 shares of $10 par value common stock outstanding at December 31, 2025.

Answer the questions in each of the following independent situations.

(b) If the preferred stock is convertible into 7 shares of $10 par value common stock and 3,300 shares are converted, what entry is required for the conversion assuming the preferred stock was issued at par value?

(c) If the preferred stock was issued at $105 per share, how should the preferred stock be reported in the stockholders equity section of the balance sheet?