In 2015, Basin, Inc., issued for $105 per share, 85,000 shares of $90 par value convertible preferred stock. One share of preferred stock can be converted into four shares of Basin's $25 par value common stock at the option of the preferred stockholder. In August 2020, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $30 per share. What is the journal entry to show the conversion of the preferred stock into common stock?