Mississippeas is a local vegan restaurant with a preferred shares account has a balance of $100,000 on its balance sheet. There are 500 convertible preferred shares issued and outstanding, each convertible to 4 common shares. On a day that the preferred shares have a fair/market value of $ 230, one half of the preferred shares are converted to common shares. Common shares are trading at $60. Which statement is true? A Retained Earnings will be debited by $ 2,500. B Common Shares will be credited for $ 50,000. Loss on Conversion, will be debited by $ 2,500. Common Shares account will be credited for D $ 60,000. E None of the other options