On July 1, Rainbow Corporation issued 2,000 shares of its $10 par common and 4,000 shares of its $10 par preferred stock for a lump sum of $80,000. At this date, Rainbow's common stock was selling for $18 per share and the preferred stock for $13.50 per share. The amount of proceeds allocated to Rainbow's preferred stock should be

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The Answer of On July 1, Rainbow Corporation issued 2,000 shares of its $10 par common and 4,000 shares of its $10 par preferred stock for a lump sum of $80,000. At this date, Rainbow's common stock was selling for $18 per share and the preferred stock for $13.50 per share. The amount of proceeds allocated to Rainbow's preferred stock should be

On July 1, Rainbow Corporation Issued 2,000 Shares of Its