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Sapphire Inc. converts $600,000 of bonds sold at face value into 10,000 shares of common stock, par value $1. Both the stocks and the bonds

Sapphire Inc. converts $600,000 of bonds sold at face value into 10,000 shares of common stock, par value $1. Both the stocks and the bonds have a marketvalue of $760,000. What amount should be credited to Paid in Capital- in Excess of Par- Common Stock as a result of the conversion?

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