Pennington Company issues 6,000 shares of its $5 par value common stock having a fair...
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Accounting
Pennington Company issues 6,000 shares of its $5 par value common stock having a fair value of $25 per share and 9,000 shares of its $15 par value preferred stock having a fair value of $20 per share for a lump sum of $310,000. The proceeds allocated to the preferred stock is a. $169,091 b. $140,909 c. $150,000 d. $124,000
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