$In2022,$ Sheffield Inc. issued $11600no$ par value convertible preferred shares for $$105$ each. One preferred share can $be$ converted into three shares $of$ Sheffield's $no$ par value common shares $at$ the option $of$ the shareholder. $In$ August $2023,$ all $of$ the preferred shares were converted into common shares. The market value $of$ the common shares $at$ the date $of$ the conversion was $$31$ per share. What amount should $be$ credited $to$ Common Shares $as$ a result $of$ this conversion?

$1$