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Conversion of Preferred Stock into Common Stock Los Altos, Inc., has stock outstanding. 30,000 shares of $100 par value, 6\$ preferred stork and 200,000 shares of s.50 par value common stock outstanding. Ihe preferred stock is convertible into the company's common stock at a conversion rate of 1-co-20; that is, each share of preferred stock is convertible into 20 shares of common stock. The preferred stock had been sold for its par walue when issued. Determine the financial statement effects of the conversion of all of the company's preferred stock into common stock