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Business, 18.02.2020 01:58 hanahspeers

On July 1, 2018, Nall Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its $10 par convertible preferred stock for a lump sum of $140,000. At this date Nall's common stock was selling for $24 per share and the convertible preferred stock for $18 per share. The amount of the proceeds allocated to Nall's preferred stock should be .a. $70,000.
b. $84,000.
c. $90,000.
d. $77,000.

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On July 1, 2018, Nall Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its $1...
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