In 2019, XYZ Co. issued for $68 per share 4,000 shares of $50 par value Convertible Preferred Stock. One share of Preferred Stock can be converted into 2 shares of XYZ $20 par value Common Stock. In 2020, all the Preferred Stock was converted to Common Stock. Market value of the Common Stock at the date of conversion was $40 per share. Prepare a journal entry to record the conversion assuming XYZ Co. uses the Book Value method.