Pharoah Corp. has issued 17,500 units. Each unit consists of a $875 par,
12% subordinated debenture and 18 shares of $9 par common stock. The units were sold to outside investors for cash at $1,540 per unit. Prior to this sale, the 2-week ask price of common stock was $70 per share. Twelve percent is a reasonable market yield for the debentures, and therefore the par value of the bonds is equal to the fair value. I need help with figuring out the credit to common stock; I have already determined the cash receipt of debit, which is $26,950,000 and the credit to bonds payable of $15,312,500. What is the common stock credit?