Question: On July 1 , 2 0 2 6 , Sheffield Co . issued 2 6 0 0 shares of its $ 1 0 par common

On July 1,2026, Sheffield Co. issued 2600 shares of its $10 par common stock and 5200 shares of its $10 par convertible preferred
stock for a lump sum of $145600. At this date Sheffield's common stock was selling for $24 per share and the convertible preferred
stock for $18 per share. The amount of the proceeds allocated to Sheffield's preferred stock is
$93600.
On July 1,2026, Sheffield Co. issued 2600 shares of its $10

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