Omega Company Has Issued Both Common and Preferred Stock What Is the Necessary Journal Entry If 5,000 Shares of Preferred

Omega Company has issued both common and preferred stock. The preferred stock is convertible into common stock. The following information is provided for Omega Company's Stockholders' equity:
$$\begin{array} { | l | r | } \hline \begin{array} { l } \text { Convertible Preferred Stock, } \$ 30 \text { par, } 25,000 \text { shares issued } \\\text { and outstanding }\end{array} & \$ 750,000 \\\hline \text { Additional Paid-in Capital in Excess of Par-Preferred } & 150,000 \\\hline \text { Common Stock, } \$ 2 \text { par, } 125,000 \text { shares issued and } & \\\text { putstanding } & 250,000 \\\hline \text { Additional Paid-in Capital in Excess of Par-Common } & 3,125,000 \\\hline \text { Retained Earnings } & 1,600,000 \\\hline\end{array}$$
What is the necessary journal entry if 5,000 shares of preferred are converted under each independent scenario:
a. Each share of convertible stock is convertible into 1.5 shares of common stock.
b. Each share of convertible stock is convertible into 4 shares of common stock.