Culver Corp. has two issues of securities outstanding: no par value common shares and 8% convertible bonds with a par value of $8400000. Bond interest payment dates are June 30 and December 31 . The conversion clause in the bond indenture entitles the bondholders to receive 40 common shares in exchange for each $1000 bond. The value of the equity portion of the bond issue is $52000. On June 30,2023 , the holders of $1176000 par value bonds exercise the conversion privilege. The market price of the bonds on that date is $1100 per bond and the market price of the common shares is $36. The total unamortized bond discount at the date of conversion is $493000. In applying the book value method, what amount should Culver credit to Common Shares as a result of this conversion? $1252300 $1106980 $1114260 $1099700