New York Corporation has the following shareholders' equity on December 31, 2021:

Shareholders' equity

Share capital

$10 convertible preferred shares,

10,000 shares authorized, 5,000 shares issued$0,570,000Common shares, no par value,

200,000 shares authorized, 90,000 shares issued1,800,000Total share capital2,370,000Retained earnings450,000Total shareholders' equity$2,820,000

If one preferred share is convertible into 10 common shares, how many common shares are issued when 500 preferred shares are converted?