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?

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The Answer of 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?

In 2014,Climber Corporation Issued for $110 Per Share,18,000 Shares of $100