On march 1, 20x5, rya corp. issued 1,000 shares of its $20 par value common stock and 2,000 shares of its $20 par value convertible preferred stock for a total of $80,000.

at this date, rya's common stock was selling for $36 per share, and the onvertible preferred stock was selling for $27 per share. what amount of the proceeds should be allocated to rya's convertible preferred stock?

a) $60,000
b) $54,000
c) $48,000
d) $44,000