A company issued 18,000 shares of $25 par value common stock upon conversion of 27,000 shares of $35 par value preferred stock. The preferred stock was originally issued at $40 per share. The common stock is trading at $15 per share at the time of conversion. In the journal entry to record the conversion of the preferred stock, how much should we record for Paid-in Capital in Excess of Par – common stock?

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