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5.Juan Joseph, the owner of a sole proprietorship, is planning to incorporate his business. His...

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Accounting

5.Juan Joseph, the owner of a sole proprietorship, is planning to incorporate his business. His capital account has a balance of $480,000 after revaluation of the assets. His cash account totals $80,000. He will receive 8 percent, $100 par-value preferred stock with a total par value equal to the cash page 734transferred. The balance of his capital is to be exchanged for shares of $50 par-value common stock with a total par value equal to the remaining capital. How many shares of preferred stock should be issued to Joseph? How many shares of common stock should be issued to him?

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