Colson Inc. converts ($ 600,000) of bonds sold at face value into 10,000 shares of common stock,

Question:

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

a. $\$ 10,000$

b. $\$ 160,000$

c. $\$ 600,000$

d. $\$ 590,000$

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