Three years ago, Growth Corporation issued 6,000 shares of $100 par, convertible, preferred stock for $105 per share. Each share of preferred can be converted into 4 shares of $1 par common stock. Half of the preferred shares were converted in the current year when the common stock was trading for $40 per share. The journal entry to record the conversion will include:

a. credit Additional Paid-in Capital - Common Stock $0.

b. credit Additional Paid-in Capital - Preferred Stock $15,000.

c. credit Additional Paid-in Capital - Common Stock $303,000.

d. credit Additional Paid-in Capital - Common Stock $468,000.