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In 2020, Eklund, Inc, issued for $100 per share, 60,000 shares of $100 par value Convertible Preferred Stock. One share of Preferred Stock can

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In 2020, Eklund, Inc, issued for $100 per share, 60,000 shares of $100 par value Convertible Preferred Stock. One share of Preferred Stock can be converted into three shares of Eunds 125 par value Common Stock at the option of the Preferred Stockholder. In August 2022, all of the Preferred Stock was converted into Common Stock The market value of the Common Stock at the date of the conversion was $30 per share apital from Common Stock as a result of the conversion of the Assume we use the Book Value method to record the conversion, what amount should be credited to Additional Paid-In Capital from Preferred Stock into Common Stock? O $900,000

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