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In 2 0 2 0 , Sheffield Inc., issued for $ 1 2 1 per share, 6 1 8 0 0 shares of $ 1
In Sheffield Inc., issued for $ per share, shares of $ par value convertible preferred stock. One share of preferred stock can be converted into three shares of Sheffield's $ par value common stock at the option of the preferred stockholder. In April all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $ per share. What total amount should be credited to additional paidin capital from common stock as a result of the conversion of the preferred stock into common stock?
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