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16) On March 1, 2021, Texas Company issued 2,500 shares of its $5 par common...

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16) On March 1, 2021, Texas Company issued 2,500 shares of its $5 par common stock and 6,000 shares of its $8 par preferred stock for a lump sum of $250,000. At this date Texas common stock was selling for $32 per share and the preferred stock for $24 per share. The amount of the proceeds allocated to Texas' common stock should be

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