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What is the credit to additional paid- in- capital-common

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Question - Landon Corporation issued 2,000 shares of $5 par value common stock and 400 shares of $40 par value preferred stock for a lump sum of $72,000 cash. What is the credit to Additional Paid- in- Capital-Common when the market value of the common shares is $28 each and market value of the preferred stock is $70 each?

a. $46,000

b. $48,000

c. $38,000

d. $60,000

e. $56,000

Reference no: EM132597999

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