Colson Inc. converts $600,000 of bonds sold at face value into 10,000 shares of common stock, par value

$1. Both the bonds and the stock have a market value of

$760,000. What amount should be credited to Paid-in Capital in Excess of Par—Common Stock as a result of the conversion?

(a) $10,000.

(c) $600,000.

(b) $160,000.

(d) $590,000.