- Your answer is partially correct. Cullumber Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value preferred stock. The preferred stock was originally issued at $54 per share. The common stock is trading at $23 per share at the time of conversion. Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock comm Paid-in Capital in Excess of Par-Common Stock Debit 45000 9900 Credit 18000 36900