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Allocated to nall preferred stock

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On July 1, 2014, 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 $130,000. 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. $71,500.

b. $90,000.

c. $65,000.

d. $78,000.

Reference no: EM13978747

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