Question 6 4 pts In 2019, Brown Inc. issued 80,000 shares of $75 par value convertible preferred stock at $95 per share. One share of preferred stock can be converted into three shares of Brown's $18 par value common stock at the option of the preferred stockholder. In August 2020, 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. What total amount should be credited to "additional paid in capital for common stock" as a result of the conversion of the preferred stock into common stock? $3,280,000 $4,320,000 $7,120,000 $1,600,000