Joino Manufacturing Issued 2,000 Shares of $100 Par 9% Convertible

Joino Manufacturing issued 2,000 shares of $100 par 9% convertible preferred stock for $112 per share.Each share of preferred stock can be converted into 8 shares of $2 par value common stock.On June 20,2X13,300 shares of preferred stock were converted when the market price per share of preferred stock was $115,and the market price per share for common stock $15.What is the journal entry for Joino Manufacturing on June 20,2X13?

A) $\begin{array}{lcc}\text { Preferred Stock } & 30,000 & \\\text { Additional Paid-in Capital, Preferred Stock } & 3,600 & \\\quad \text { Common Stock } & & 4,800 \\\quad \text { Additional Paid-in Capital, Common } && 28,800 \\\end{array}$

B) $\begin{array}{lccc}\text { Preferred Stock } & 30,000 & \\\text { Additional Paid-in Capital, Preferred Stock } & 3,600 & \\\quad \text { Loss on Conversion of Preferred Stock } & & 2,400 \\\quad \text { Common Stock } && 4,800 \\\quad \text { Additional Paid-in Capital, Common } && 31,200 \\\end{array}$

C) $\begin{array}{lccc}\text { Preferred Stock } & 30,000 & \\\text { Additional Paid-in Capital, Preferred Stock } & 4,500 & \\\text { Loss on Conversion of Preferred Stock } & 1,500 & \\\quad \text { Common Stock } & & 4,800 \\\quad \text { Additional Paid-in Capital, Common } && 31,200 \\\end{array}$

D) $\begin{array}{lccc}\text { Preferred Stock } & 30,000 & \\\text { Additional Paid-in Capital, Preferred Stock } & 4,500 & \\\text { Loss on Conversion of Preferred Stock } & 1,950 & \\\quad \text { Common Stock } & & 4,800 \\\quad \text { Additional Paid-in Capital, Common } & &31,650 \\\end{array}$

E) $\begin{array}{lccc}\text { Preferred Stock } & 30,000 & \\\text { Additional Paid-in Capital, Preferred Stock } & 3,600 & \\\quad \text { Loss on Conversion of Preferred Stock } & & 1,500 \\\quad \text { Common Stock } & &4,800 \\\quad \text { Additional Paid-in Capital, Common } && 30,300\end{array}$