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On July 1, 2021, Bonita Industries issued 3800 shares of its $10 par common stock...

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Accounting

On July 1, 2021, Bonita Industries issued 3800 shares of its $10 par common stock and 7600 shares of its $10 par convertible preferred stock for a lump sum of $212800. At this date Bonita'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 Bonita's preferred stock should be

$117040.

$127680.

$106400.

$136800.

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