Allocated to preferred 21000105000 x 100000 20000

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Allocated to Preferred: $21,000/$105,000 X $100,000 ..................................... 20,000 Total allocation .................................................................................................... $100,000 Cash .................................................................................................... 100,000 Common Stock (500 X $10) ...................................................... 5,000 Paid-in Capital in Excess of Par— Common ($80,000 – $5,000) ................................................. 75,000 Preferred Stock (100 X $100) .................................................... 10,000 Paid-in Capital in Excess of Par— Preferred ($20,000 – $10,000) ............................................. 10,000 (b) Lump-sum receipt $100,000 Allocated to common (500 X $170) 85,000 Balance allocated to preferred $ 15,000 Cash .................................................................................................... 100,000 Common Stock ........................................................................... 5,000 Paid-in Capital in Excess of Par— Common ($85,000 – $5,000) ................................................. 80,000 Preferred Stock ........................................................................... 10,000
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Paid-in Capital in Excess of Par— Preferred ($15,000 – $10,000) ............................................... 5,000
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