29. During 2013, Faried Co. issued 5,000 shares of $100 par convertible preferred stock for $110 per share. One share of preferred stock can be converted into three shares of Faried's $25 par common stock at the option of the preferred shareholder. On December 31, 2014, when the market value of the common stock was $40 per share, all of the preferred stock was converted. What amount should Faried credit to Common Stock and to Additional Paid-in Capital as a result of the conversion? (please show the work, how to get the answer, thank you!!)

	Common Stock		Additional Paid-in Capital
A)	$375,000		$225,000
B)	375,000		175,000
C)	500,000		50,000
D)	550,000		0