In 2018, Trolley, Inc., issued for $45 per share, 120,000 shares of $12 par value convertible preferred stock. One share of preferred stock can be converted into three shares of Trolley's $5 par value common stock at the option of the preferred stockholder. In August 2019, 20,000 shares of the preferred stock were converted into common stock. The market value of the common stock at the date of the conversion was $55 per share. What amount should be credited to additional paid-in capital from common stock as a result of the conversion? $600,000. $300,000. $660,000. $120,000