On October $31,2020,10\%$ convertible debentures were called for conversion. The $$60,000,000$

par value bonds were converted into $600,000$ shares of $$1$ par value common stock. On October

$31,$ there was $$155,000$ of unamortized premium applicable to the bonds, and an additional

$$355,000$ was paid to the bondholders to induce conversion of all the bonds. The book value

method is used to record the conversion. How much should you credit Paid in Capital

$-$Common?

$$59,555,000$

$$59,200,000$

$$459,245,000$

$$600,000$