At the end of the current year, Thomas Co. has outstanding $1 million face amount, 9%, 20-year convertible bonds that pay interest semiannually. After semiannual amortization, the remaining bond premium is $38,000. On the first day of the next fiscal year, 50% of the bonds are converted to 1,500 shares of no par common stock. The market value of the shares issued is $500,000. What amount would Thomas credit to common stock at the time of the conversion?