Kingbird Corporation has the following shareholders equity on December 31, 2021:

Shareholders' equity
Share capital
$10 convertible preferred shares,
10,000 shares authorized, 5000 shares issued		$630000
Common shares, no par value,
200,000 shares authorized, 100000 shares issued		1500000
Total share capital		2130000
Retained earnings		448000
Total shareholders equity		$2578000

If 580 preferred shares are converted into common shares what is the dollar value of the common shares issued?

1.$8700

2.$73080

3.$7724

4.$50000