a. Assuming the preferred stock was originally issued for cash, determine the amount of cash that was collected when the stock was issued.

Please include steps on how to get it. I thought the answer was $500, but it is not correct.

CREIGHTON COMPANY As of December 31, 2018 Stockholders' equity Preferred stock, $10 stated value, 7% cumulative 300 shares authorized, 50 issued and outstanding Common stock, $10 par value, 250 shares authorized, $ 500 1,000 3,000 100 issued and outstanding Common stock, class B, $20 par value, 400 shares authorized, 150 issued and outstanding Common stock, no par, 150 shares authorized, 100 issued and outstanding Paid-in capital in excess of stated value-preferred Paid-in capital in excess of par value-common Paid-in capital in excess of par value-class B common Retained earnings Total stockholders' equity 2,200 600 1,200 750 7,000 16,250