Coronado Corporation issued $2,100$ shares of $$10$ par value common stock upon conversion of $1,050$ shares of $$50$ par value preferred stock. The preferred stock was originally issued at $$55$ per share. The common stock is trading at $$24$ per share at the time of conversion.Record the conversion of the preferred stock. $($List all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$Account Titles and ExplanationDebitCreditPreferred Stock$52,500$Paid$-$in Capital in Excess of Par $-$ Common Stock$30,230$