On March $1,$ Kerr Corporation issued $10,000$ preferred shares for $$100$ per share. On July $15,$ it issued an additional $30,000$ shares for $$120$ per share. Each share is convertible into five common shares. On November $15,$ when the market values of the two classes of shares were $$125$ and $$28$ respectively, $2,000$ preferred shares were converted into common shares.

Instructions:

Journalize the conversion of preferred shares on November $15$th$.$

How many preferred and common shares are there after the conversion?