Sunland Company issued 4500 shares of its $10 par value common stock having a fair value of $30 per share and 7100 shares of its $10 par value preferred stock having a fair value of $30 per share for a lump sum of $252000. The proceeds allocated to the preferred stock is O $154241 O $215296 O $97759 O $213000

Sunland Company issued 4500 shares of its $10 par value common stock having a fair value of $30 per share and 7100 shares of its $10 par value preferred stock having a fair value of $30 per share for a lump sum of $252000. The proceeds allocated to the preferred stock is O $154241 O $215296 O $97759 O $213000

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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