In 2022, Indigo Inc. issued 12100 no par value convertible preferred shares for $101 each. One preferred share can be converted into three shares of Indigo's no par value common shares at the option'of the shareholder. In August 2023, all of the preferred shares were converted into common shares. The market value of the common shares at the date of the conversion was $31 per share. What amount should be credited to Common Shares as a result of this conversion? $375100 $1222100 $605000 $1162810