On January 1, 2020, Land Company issued 1,000 shares of \$10 par value preferred stock for $70 per share. The preferred shares can be converted into 2,000 shares of \$1 par value common stock. Land's year-end is December 31. On July 1, 2021, 100\% of the preferred stock were converted when the common stock is trading at $25 per share. On January 1, 2020, Land Company issued 1,000 shares of \$10 par value preferred stock for $70 per share. The preferred shares can be converted into 2,000 shares of \$1 par value common stock. Land's year-end is December 31. On July 1, 2021, 100\% of the preferred stock were converted when the common stock is trading at $25 per share