Manning Company Issued 10,000 Shares of Its $5 Par Value

question 133

Multiple Choice

Manning Company issued 10,000 shares of its $5 par value common stock having a fair value of $25 per share and 15,000 shares of its $15 par value preferred stock having a fair value of $20 per share for a lump sum of $530,000. How much of the proceeds would be allocated to the common stock?

• A) $250,000
• B) $240,909
• C) $289,091
• D) $281,563

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