In 2019, Zinnia Inc. issued 10,000, convertible preferred shares for $103 each. One preferred shares can be converted into three common shares. In August, 2020, all of the preferred shares were converted into common shares. The market value of the common shares at the time of conversion was $30 per share. What amount should be credited to Common Shares as a result of the conversion? :

$900,000

$300,000

$1,030,000

$500,000