QFill in the BlanksType your answers in all of the blanks and submitX₂ X²Ω·Amazing Inc. issued equity securities. The offering included 100,000 bundles of one no par value commonshare and one no par value preferred share. Each bundle sold for $50. Amazing has adopted a policy ofcharging share issuance costs to retained earnings.Assume the fair value of the common shares and preferred shares is $42 but the value of the preferred sharesis unknown. What is the amount allocated to preferred shares? Do not use commas, $ or +/- in your answer.preferred sharesWrite your response here...UnansweredSubmitDDF9F5%5Q31-Residual Value MethodHomework Unanswered Due Today, 6:00 PMTGA6YHMacBook Air←F7&7UJ* 008DIIF8|K(9о)LF10PF11+ 11F12}11:\?

Preferred shares are of preference over common shares.Whiling allocating amount to be received…

Answered: Amazing Inc. issued equity securities.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Amazing Inc. issued equity securities. The offering included 100,000 bundles of one no par value common pluo preferred share. Each bundle sold for $50 Amazing has adopted a policy of