Preferred stock - balance sheet adjustment

Hope some FSA whiz can help me with this one - If the market value of preferred stock is known (and is different from the balance sheet value) 1. From what I understand if the preferred stock is redeemable we need to remove the market value of the stock from equity and add it to liabilities 2. However, when the preferred stock is NOT redeemable, what should we do? I came across a schweser question (#9089 on the CD based Qbank) where equity was adjusted to reflect the new market value, but didn’t really say where the other side of the adjustment ended up in. Liabilities was untouched in that answer (which was calculating a debt/equity ratio) Presuming the adjustment is somewhere in the Assets side of the B/S, what would it be?