Everwood Co.issues 10,000 shares of £10 par value convertible preference shares for £12 cash per share.Each share is convertible into 4 ordinary shares.On this date the £1 par value ordinary shares are selling for £3 per share.Approximately 2 years later, Everwood's shareholders convert their preference shares into ordinary shares.On the date of conversion the preference shares are selling for £16 and the ordinary shares are selling for £5 per share.The journal entry on the date of conversion will include which of the following?

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The Answer of Everwood Co.issues 10,000 shares of £10 par value convertible preference shares for £12 cash per share.Each share is convertible into 4 ordinary shares.On this date the £1 par value ordinary shares are selling for £3 per share.Approximately 2 years later, Everwood's shareholders convert their preference shares into ordinary shares.On the date of conversion the preference shares are selling for £16 and the ordinary shares are selling for £5 per share.The journal entry on the date of conversion will include which of the following?