Why Couldnt This Be Easy, Inc. has two issues of securities outstanding: common stock and $5,400,000 face value, 5-year, 2%, convertible bonds. The bonds were issued January 1st, 2021, for $4,914,940 when the market rate was 4%. Bond interest payment dates are June 30th and December 31st. Each bond is convertible into 40 shares of $20 par value common stock. On July 1, 2021, the holders of $1,350,000 face value bonds exercised the conversion privilege. On that date, the bonds were selling at 108 and the market price of the stock was $31. The company uses the effective interest method for the amortization of bond discounts and/or premiums and the book value method to account for the conversion. Required:Determine the amount to be credited to Paid-in-Capital for Common Stock on July 1st, 2021. If an amortization table is needed (hint through June 30, 2021 - hint), please submit that work as well. Round all work to the nearest dollar.