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How would the proceeds be allocated

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Question - The Company issues 500 shares of its $5 par value common stock having a market value of $25 per share and 750 shares of its $15 par value preferred stock having a market value of $20 per share for a lump sum of $24,000. How would the proceeds be allocated between the common and preferred stock?

a. $2,500 to CS; $21,500 to PS

b. $10,909 to CS; $13,091 to PS

c. $12,500 to CS; $15,000 to PS

d. $12,750 to CS; $11,250 to PS

Reference no: EM133084798

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