Brodan Corporation had two issues of securities outstanding common stock and an 8% convertible bond issue in the face amount of $16 000 000 Interest payment dates of the bond issue are June 30th and December 31st. The conversion clause in the bond indenture entitles the bondholders to receive forty shares of $20 par value common stock in exchange for each $1.000 bond. On June 30, 2018, the holders of $2.400.000 face value bonds exercised the conversion privilege The market price of the bonds on that date was $1,100 per bond and the market price of the common stock was $35 The total unamortized bond discount at the date of conversion was $1.000.000 in applying the book value method, what amount should Morgan credit to the account "paid-in capital in excess of par" as a result of this conversion? O a $1 440.000 O b $720.000 Oc$ 330,000 Od S 160 000