Question 7 3.5 Points Captain Corporation had two issues of securities outstanding: common stock and an 10% convertible bond issue in the face amount of $18,000,000. Interest payment dates of the bond issue are June 30th and December 31st. The conversion clause in the bond indenture entitles the bondholders to receive thirty shares of $25 par value common stock in exchange for each $1,000 bond. On June 30, 2021, the holders of $2,400,000 face value bonds exercised the conversion privilege. The market price of the bonds on that date was $1,250 per bond and the market price of the common stock was $40. The total unamortized bond discount at the date of conversion was $1,125,000. In applying the book value method, what amount should Morgan credit to the account "paid-in capital in excess of par," as a result of this conversion? $720,000, B) $1,440,000. $156,250. D) $468,750.