What two numbers were added or multiplied to get $60 in (= 300 shares $60 par value = $18,000, the Additional Paid-in Capital on Preferred Stock? I am still not sure?

Convertible Preferred Stock Instructions Assume Cole Corporation originally issued 300 shares of S50 par convertible preferred stock at S110 per share on December 31 Required: If each preferred share may be converted into 6 shares of S8 par common stock and all the shares are converted, what journal entry will Cole make to record the conversion? Chart of Accounts CHART OF ACCOUNTS Cole Corporation General Ledger ASSETS REVENUE 411 Sales Revenue 111 Cash 121 Accounts Receivable 141 Inventory EXPENSES 500 Cost of Goods Sold 152 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 305 Preferred Stock 311 Common Stock 318 Additional Paid-in Capital on Preferred Stock 319 Additional Paid-in Capital from Preferred Stock Conversion 320 Additional Paid-in Capital on Common Stock 331 Retained Earnings General Journal If each preferred share may be converted into 6 shares of S8 par common stock and all the shares are converted what journal entry will cole make to record the conversion on December 31? How does scoding work? PAGE 1 GENERAL JOURNAL Score: 49/49 DATE ACCOUNT TITLE POST. REF CREDIT 1 DEBIT 15,000.00 18,000.00 2 Dec 31 Preferred Stock Additional Paid-in Capital on Preferred Stock Common Stock Additional Paid-in Capital from Preferred Stock Conversion 3 14,400.00 : 18.600.00 Points 9/9 Feedback Check My Work You should use the book value method to record the conversion of preferred to common stock Under the book value method, the corporation eliminates the contributed capital (that is, the par value and additional paid-in capital) associated with the preferred stock and replaces it with the par (or stated) value of the common stock. If the total contributed capital eliminated for the preferred stock is more than the common stock par value, the corporation records the excess as an increase in additional paid-in capital related to the conversion. If the total is less the corporation considers it a dividend distribution to the preferred shareholders and reduces retained earnings. **Cole Corporation originally-issued-300 shares of $50 par of convertible preferred-stock-on- December 31..2** 1 =-300-shares of Cole-Corporation's preferred-stock--$50 par value = $15,0007 Additional Paid-in Capital-on-Preferred Stock** =-300-shares-x-$60 par value = $18,0001 **Cole Corporation converted each of the-300-shares-into-6-shares of common stock at $8 par value. What journal-entry will Cole Corporation make to record the conversion on December 31, ??** =-300 shares of Cole-Corporation's preferred-stock-x-6-shares of common-stock-x-58 par value = $14.4001 ** Additional-Paid-in-Capital from Preferred Stock-Conversion 1 =-$15,000+ $18,000-$14,4001 =$18,6001