A company issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $115,000. Only the market price of the common stock is known and it is $200 per share. The total amount allocated to the preferred issue (par account plus paid-in-excess account) is

a.$15,000

b.$100,000

c.$10,000

d.$115,000