Solved: What amount of the proceeds should be allocated to ryas, Financial Accounting

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What amount of the proceeds should be allocated to ryas

On March 1, year 1, Rya Corp. issued 1,000 shares of its $20 par value common stock and 2,000 shares of its $20 par value convertible preferred stock for a total of $80,000. At this date, Rya's common stock was selling for $36 per share, and the convertible preferred stock was selling for $27 per share. What amount of the proceeds should be allocated to Rya's convertible preferred stock?

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Financial Accounting: What amount of the proceeds should be allocated to ryas

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