Crane Ltd$.$ issued $19,000$ common shares on conversion of $14,000$ preferred shares. The conversion involved all preferred shares outstanding. The preferred shares were originally issued at $\backslash (\backslash$$ $9\backslash )$ per share and the Contributed Surplus$-$Conversion Rights account for the preferred shares had a balance of $\backslash$$$9,000.$ The common shares were trading at $\backslash$$$14$ per share at the time of conversion.

Record the conversion of the preferred shares. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Preferred Shares

Contributed Surplus $-$ Conversion Rights $\backslash (1]\backslash )$