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Kingbird Corporation has the following shareholders equity on December 31, 2021:
| Shareholders' equity | | |
| Share capital | | |
| $10 convertible preferred shares, | | |
| 10,000 shares authorized, 5000 shares issued | | $630000 |
| Common shares, no par value, | | |
| 200,000 shares authorized, 100000 shares issued | | 1500000 |
| Total share capital | | 2130000 |
| Retained earnings | | 448000 |
| Total shareholders equity | | $2578000 |
If 580 preferred shares are converted into common shares what is the dollar value of the common shares issued?
1.$8700
2.$73080
3.$7724
4.$50000
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