Combine Ltd. had a lump sum (basket) sale of two of its securities, common and...
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Accounting
Combine Ltd. had a lump sum (basket) sale of two of its securities, common and preferred shares. The market value of the common shares sold was $20,000, and the market value of the preferred shares sold was $25,000. The total proceeds were $40,500. Combine should record the issue of these shares at:
Common Shares: $20,000; Preferred Shares: $25,000
Common Shares: $15,500; Preferred Shares: $25,000
Common Shares: $18,000; Preferred Shares: $22,500
Common Shares: $20,000; Preferred Shares: $20,500
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