Scott Company issues 4,000 shares of its $1 par common stock having a market value...
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Accounting
Scott Company issues 4,000 shares of its $1 par common stock having a market value of $17 per share and 2,000 shares of its $2 par preferred stock for a lump sum of $170,000. What amount of the proceeds should be allocated to the paid-in capital account for preferred stock?
A. $102,000.
B. $98,000.
C. $68,000.
D. $34,000.
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