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You've Made It Corporation presents the following partial balance sheet as of December 31, 2015:
Stockholders' Equity
Contributed Capital
Preferred stock, 4% cumulative ($25 par value; 50,000 shares authorized;
30,000 shares issued and outstanding )
$ 750,000
Capital in excess of par, preferred stock
225,000
Common stock ($0.01 par value; 800,000 shares authorized; ________ shares issued and ____ shares outstanding
5,000
Capital in excess of par, common stock
1,300,000
Total contributed capital
$ 2,280,000
Retained Earnings
1,020,000
Treasury Stock, 40,000 common shares, at cost
(120,000)
Total stockholders' equity
$ 3180,000
How much capital did the company raise by issuing preferred stock?
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