### Compute the proceeds allocated to the preferred stock

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Question - Sheffield Corp. issued 5300 shares of its \$10 par value common stock having a fair value of \$25 per share and 7800 shares of its \$15 par value preferred stock having a fair value of \$25 per share for a lump sum of \$253000. The proceeds allocated to the preferred stock is

\$196800

\$150641

\$102359

\$195000

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