On January 1, 2020, Crunchy Co, issues 1,000 shares of $100 par convertible preferred stock for $150 a share. Each share of the preferred stock can be converted into 5 shares of common stock with a $5 par value. If 300 shares of preferred stock are converted into common stock on December 31, 2020, what is the balance in the Additional Paid-In Capital on Preferred Stock account at year end? $35,000 $37,500 $50,000 $70,000 NONE of the other answers are correct