9 ABC issues 60,000 shares of convertible preferred stock (par $100) for $103 per share. Each share of preferred stock can be converted into 3 shares of common stock (par $25). At the time of the conversion, the common stock was trading for $30 per share. What is the amount of paid-in capital in excess of par on common stock upon conversion? a. $780,000. b $1,020,000. c. $1,500,000. d. $1,680,000.