Pina Colada Corporation has 2000 preferred shares that have been issued at $48 per share. Each share is convertible into one common share. When the market values of preferred shares are $55 and common shares are $70, respectively, the 2000 shares are converted into common shares. The journal entry to record the conversion of the shares is:

Preferred Shares	14000
Common Shares		14000

Preferred Shares	110000
Common Shares		110000

Preferred Shares	96000
Common Shares		96000

Preferred Shares	140000
Common Shares		140000