Sand Company provided the following data at current year-end: share capital par, Preference 5,000,000 Share 500,000 Ordinary 5,000,000 Share 1,000,000 Retained 2,000,000 share b. 80 premium premium capital P100 P50 par, 50,000 100,000 ordinary shares PS shares share earnings Required: 1. Prepare journal entry assuming that 5,000 preference shares are converted a. Preference shares are convertible into ordinary shares on a share -for-share basis b. Each preference share is convertible into 4 ordinary shares. 2. Prepare journal entry assuming 5,000 preference shares are callable and called in for payment at a. 120