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Current Attempt in Progress

Cullumber Company issues $4500$ shares of its $$5$ par value common stock having a fair value of $$25$ per share and $6500$ shares of its $$15$ par value preferred stock having a fair value of $$20$ per share for a lump sum of $$204400.$ What amount of the proceeds should be allocated to the preferred stock?

$$109575$

$$172575$

$$136500$

$$94824$

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