Charlie owns all the issued shares of X Ltd. These common shares have an ACB and PUC of $60,000 and are worth $740,000. Charlie would like to freeze his interest in the company at today's value so that future increases in value accrue to three employees. In the course of a reorganization of share capital, Charlie exchanged his common shares for preferred shares of X plus debt of $25,000. The preferred shares are redeemable for $715,000. The employees then acquired newly issued common shares of X for $70,000. What is the PUC of the preferred shares owned by Charlie? $ 60000