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Scott Company issues 4,000 shares of its $1 par common stock having a market value...

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Accounting

Scott Company issues 4,000 shares of its $1 par common stock having a market value of $17 per share and 2,000 shares of its $2 par preferred stock for a lump sum of $170,000. What amount of the proceeds should be allocated to the paid-in capital account for preferred stock?

A. $102,000.

B. $98,000.

C. $68,000.

D. $34,000.

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