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  3. sheffield corp. issued 5300 shares of its $10 par

Sheffield Corp. issued 5300 shares of its $10 par value common stock having a fair...

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Accounting

Sheffield Corp. issued 5300 shares of its $10 par value common stock having a fair value of $25 per share and 7800 shares of its $15 par value preferred stock having a fair value of $25 per share for a lump sum of $253000. The proceeds allocated to the preferred stock is

$195000

$150641

$102359

$196800

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