The Adams Corporation Issued 1,000, No Par Value, Convertible Preferred

Essay

The Adams Corporation issued 1,000, no par value, convertible preferred shares at $100 per share. Each share is convertible into 10 common shares. When the market values of the two classes of shares are $101 and $13, respectively, 150 preferred shares are converted into common shares.
Instructions
a. Journalize the conversion of the 150 shares.
a. assuming that the market values at conversion are $103 and $20, respectively.
b. Repeat