Recording Common and Preferred Stock Transactions Gilmore Company has 20,000 authorized shares of common stock, $2 par, and 20,000 authorized shares of preferred stock, $10 par. Required Record journal entries for the following separate transactions. Analyze and record each transaction separately. a. On January 1, Gilmore sold 400 shares of common stock and 200 shares of preferred stock for a lump sum of $12,300. The common stock was selling at $25 per share, and the preferred at $12 per share. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. d. Assume that each of the 20,000 shares of preferred stock is convertible into 2 shares of common stock at the option of the stockholder. After issuing 500 shares of convertible preferred stock on January 1 for $12,100 shares of preferred stock were converted into common stock on June 30 . Record the entries for Gilmore on January 1 and on June 30 , assuming that the fair value of the preferred stock is $16 per share on June 30 . Cash Equipment Investment in Stock Dividends Payable Property Dividends Payable Preferred Stock Common Stock Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital-Retired Stock Paid-in Capital-Treasury Stock Retained Earnings Treasury Stock Legal Expense Unrealized Gain or Loss-Income N/A