Brief Exercise 13-7 Progressive Parts Corporation issued 24,000 preferred shares on May 10 for $29 each. Each share is convertible into 2 common shares. On November 21, the preferred shares had a fair value of $31 each, and the common shares $16 each. On this day, 5,000 of the preferred shares are converted into common shares. Journalize the issue of the preferred shares on May 10. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit May 10 Journalize the conversion of the preferred shares on November 21. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) dy Date Account Titles and Explanation Debit Credit Nov. 21