Doolittle Co. originally issued 700,000 shares of $50 par value convertible preferred stock for $53 per share. Thus, at the time of issuance, Doolittle debited Cash for $37,100,000, credited Preferred stock 35,000,000 and credited Additional paid-in-capital from preferred stock $2,100,000. Each share of preferred stock can be converted into 2 shares of Doolittle's $2 par value common stock at the option of the preferred stockholder. In September, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $45 per share. What amount should be credited to Additional paid-in capital from common stock as a result of the conversion?

$29,400,000 $31,500,000 $34,300,000 $37,100,000 $60,200,000