USE THE FOLLOWING INFORMATION FOR # 1 - 4: Motown issues 200 # common shares AND 100 # preferred shares Par value of...

USE THE FOLLOWING INFORMATION FOR # 1 - 4:

Motown issues 200 # common shares

AND 100 # preferred shares

Par value of common $ 3.00

Par value of preferred $ 2.00

FMV of common $ 22.00

FMV of preferred Unknown

Total lump sum purchase price paid by Max $ 52,000

1.) The total purchase price allocated to the common stock is:

A. $ 4,400

B. $ 47,400

C. $ 47,600

D. $ 600

2.) The total purchase price allocated to the preferred stock is:

A. $ 4,400

B. $ 47,400

C. $ 47,600

D. $ 600