On February $9,20$X$4,$ Blue Co$.$ issued $10,000$ shares of convertible preferred stock with a par value of $$100$ per share at a price of $$102$ per share. Each preferred share is convertible into $3$ shares of common stock. On February $9,20$X$4,$ the market value per share of common stock was $$33.$ In $20$X$9,$ when the market value of the common stock had risen to $$38$ per share, all of the preferred shares were converted to common stock. The par value per share of common stock is $$10.$ What entry should Blue Co$.$ make during $20$X$9$ to record the conversion?