Nash's TradingCorporation has2600preferred shares that have been issued at $48per share. Each share is convertible into one common share. When the market values of preferred shares are $65and common shares are $75, respectively, the2600shares are converted into common shares. The journal entry to record the conversion of the shares is:

Preferred Shares44200Common Shares44200

Preferred Shares169000Common Shares169000

Preferred Shares195000Common Shares195000

Preferred Shares124800Common Shares124800