QUESTION 32 On January 1, 20X5, Aria Inc. issued 20,000 convertible preferred shares for $960,000. The value of the preferred shares without the conversion option was 544 per share. On September 26, 20X6, a total of 8,000 preferred shares were converted. The fair market value of the conversion option at this date was $5. What amount should be credited to common shares on September 26, 20X6? a. $32,000 1. $352,000 C5384,000 Ed. 5392.000