2. Basic Equity (3 points) On July 1, 2007, Connor Co. issued 4,000 shares of its $8 par common stock and 7,000 shares of its $12 par convertible preferred stock for a lump sum of $180,000. At this date Connor's common stock was selling for $30 per share and the convertible preferred stock for $15 per share. How much of the proceeds should Connor Co. allocate to preferred stock (APIC- preferred stock and preferred stock combined)