$12.$

In $2024.$ Sandhill, Inc. issued $89500$ shares of $$100$ par value convertible preferred stock for $$102$ per share. Each share of preferred stock can be converted into three shares of Sandhill's $$25$ par value common stock at the option of the preferred stockholder. In August $2025,$ all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $$30$ per share. What amount will be credited to additional paid$-$in capital from common stock as a result of the conversion?

$$2237500$

$$2416500$

$$1432000$

$$1074000$

Attempts: $0$ of $1$ used