In 2014, Climber Corporation issued for $110 per share, 18,000 shares of $100 par value convertible preferred stock. One share of preferred stock may be converted into three shares of Climber's $30 par value common stock at the option of the preferred shareholder. On December 31 . 2015, all of the preferred stock was converted into common stock. The market value of the common stock at the
conversion date was $40 per share. What amount should be credited to the common stock account on December 31 . 2015?
a. $1,620,000
b. $1,800,000
c. $1,318,000
d. $1,960,000
A
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