Proceeds allocated to cole preferred stock, Accounting Basics

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Proceeds allocated to cole preferred stock

On July 1, 2007, Cole Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its $10 par convertible preferred stock for a lump sum of $125,000. At this date Cole'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 Cole's preferred stock should be:

a. $62,500.

b. $75,000.

c. $90,000.

d. $68,750.

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Accounting Basics: Proceeds allocated to cole preferred stock

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Accounting Basics: Proceeds allocated to cole preferred stock

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Proceeds allocated to cole preferred stock

Reference No:- TGS056389

Recent Questions Asked Accounting Basics

Q : Compute the margin of safety in dollars

Q : What is the estate tax base

Q : Impact of liabilities and operations

Q : Fixed budgeting and flexible budgeting

Q : Proceeds allocated to cole preferred stock

Q : Compute cost of goods available for sale

Q : Price of bonds and interest rates

Q : Financial statement fraud from the federal government

Q : Problem on growth rate of the dividends

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